Here is another change that COVID may bring in the coming days. As malls are expected to start from August 5, there are chances some of the major stores to which the consumers have been used to, over the years, may not be present in their old format.
Future Group enjoys the biggest share in the city’s retail space. Reliance Group is eyeing to take over the retail stores run by the former. Sources said if the talks, which are in an advanced stage, finalize, then Future Group may first empty the merchandise in the stores across the country.
With this, there are chances the Future Group stores in the city may not reopen along with the rest of the malls that may restart after August 5, said sources privy to the developments in the company. There are chances that the whole process may take two weeks, at least, leading to a delay in the reopening.
Future Group at present has its presence in over 4 lakh square feet of organized retail space in the city. This includes Big Bazaar stores in Ramdaspeth, IT Park Manish Nagar, Central Mall, which alone is spread in an area of 1.5 lakh square feet, and other FBB stores. The deal, if materialized, will also include the Future Groups’s logistics center at Mihan, said the sources.
If the take over deal materializes, Future Group will have to clear all merchandise lying at the stores before handing over the possession. The process may take some time. Part of the goods may be disposed of, with rest given back to vendors.
Nagpur was among the first destinations where Future Group had started its operations in the early 2000s. The first store here which was opened at Ramdaspeth also brought a change in the entire retail segment in the city. Later, the city was also chosen as the logistics hub which was set up in Mihan.
(With inputs from TimesOfIndia)