{"id":2254,"date":"2012-07-28T12:34:00","date_gmt":"2012-07-28T12:34:00","guid":{"rendered":"https:\/\/www.thirdeyesight.in\/?p=2254"},"modified":"2022-11-07T12:39:51","modified_gmt":"2022-11-07T12:39:51","slug":"thinking-small","status":"publish","type":"post","link":"https:\/\/myechoproject.com\/TES\/thinking-small\/","title":{"rendered":"Thinking Small"},"content":{"rendered":"\n Vishal Krishna
\n BusinessWorld, 28 July 2012<\/i><\/p>\n
![](\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\")
When \n you have Rs 7,846 crore in debt, that takes centrestage and everything \n else is pushed to the sidelines. And that is exactly what was \n happening at Kishore Biyani\u2019s Future Group over the past \n few years. However, after selling a majority stake in Pantaloon \n Retail to the Aditya Birla Group, managing a private placement \n with Bennett, Coleman & Company (BCCL), and getting private \n equity giant Warburg Pincus to acquire a majority stake in Future \n Capital Holdings (FCH) resulted in Biyani raising nearly Rs 2,500 \n crore in the last couple of months. Further, with Warburg Pincus \n taking over the Rs 3,800-crore debt of FCH, nearly Rs 6,000 crore \n in debt has been wiped off Biyani\u2019s balance sheet. <\/p>\n
Improved financials have left Biyani free to concentrate on his \n retail business. And first on his to-do list is Central \u2014 \n the group\u2019s large format retail store which is like a series \n of shop-in-shops. \u201cThe Central store format is going to be \n our major revenue driver in the lifestyle segment in the coming \n years. We are targeting revenues of Rs 3,000 crore from Central \n in 2012-13,\u201d says Biyani, chairman of the Future Group. In \n 2010-11, Pantaloons contributed to at least 50 per cent of the \n Rs 4,325.57 crore revenues generated by the group\u2019s lifestyle \n arms; Central and Brand Factory (selling branded products at discounted \n rates) contributed to the other half. <\/p>\n
After Big Bazaar, Central is the only marquee outfit big enough \n to generate the revenues. \u201cCentral is a successful and scalable \n business as it helps the landlord, the brand and the retailer \n share the upside of the business,\u201d says Biyani.<\/p>\n
Central\u2019s business model is simple: Brands enter into an \n agreement with Central whereby they pay a minimum guarantee or \n rent per sq. ft (which may be upwards of Rs 75 per sq. ft), plus \n 10 per cent of the revenue. In case of the absence of rent, it \n will be 30 per cent of the revenues. Thanks to this model \u2014 \n Apple is attempting a similar arrangement with Walmart and Target \n \u2014 it covers itself during a slowdown while it shares the \n revenues of the brand when the going is good. <\/p>\n
\u201cCentral is a marketplace and works well with Indian mindsets; \n retailers fight for the best spaces,\u201d says Biyani. While \n K. Raheja promoted Shoppers Stop and Micky Jagtiani-owned Landmark \n Group\u2019s Lifestyle stores also have shop-in-shops, they do \n not have a marketplace model for their stores.<\/b><\/p>\n
\u201cNot all brands work in every city when they are on a \n business model of minimum guarantee plus percentage of sales because \n the brands are under stress to perform,\u201d says Devangshu Dutta, \n CEO of Third Eyesight, a retail consultancy.<\/b> Large retailers \n operate on this model in the West where space is given to brands \n and they have to \u2018perform or perish\u2019. \u201cIf a \n brand succeeds then Central benefits,\u201d says Dutta. However, \n it is the duty of Central to draw in traffic.<\/b> \u201cSince \n we have footfalls of two million every month, there is no reason \n why a brand should complain about why they have not translated \n into sales,\u201d says Vishnu Prasad, CEO of Central. The model \n works best in metropolitan cities as it banks on high footfalls. \n <\/p>\n
But globally, the model of leasing out a shop floor to a brand \n works only in the case of FMCG companies, which want to test a \n new product line. This model is not very popular as the brand \n not only has to pay a rent but also share the sale proceeds with \n the retailer.<\/p>\n
Evolving Business<\/b>
\n <\/p>\n
In the eight years since its inception, Central has grown significantly. \n It has 22 stores covering 2.7 million sq. ft of retail space \u2014 \n 13 per cent of the Future Group\u2019s total of 17 million sq. \n ft across the country. By the end of the year, Central will occupy \n 20 per cent of the group\u2019s total retail space. Another 10 \n stores at a cost of Rs 125 crore are expected to be opened this \n year. Revenues have increased by nearly 30 per cent year on year \n between 2009 and 2012 and Central is expected to close its financial \n year in June with revenues of Rs 1,500 crore. <\/p>\n
So what works in Central\u2019s favour? Upfront it is its inventory \n model. Most brands work on a mutual agreement of a minimum shelf \n life of 90 days, after which the product is sent back to the manufacturer. \n Hence, very little inventory sits on the books of Central.<\/p>\n
Further, Central has also been able to gather a lot of data on \n buyer behaviour and shopping preferences. While other stores use \n loyalty cards to gather data, Central\u2019s data is based on \n the categories that people shop for and their preferences. \u201cIn \n the first five years of our growth, we brought in brands and it \n was a model where we drove consumption and left the selling to \n the brand,\u201d says Biyani. However, between 2008 and now, it \n has been about collecting data on customers and telling brands \n what to sell and what to avoid in their space. <\/p>\n
Prasad and his 14-member team have crunched six years\u2019 data \n on what customers shopped for at Central. \u201cWe began to speak \n the language of what the data told us, the brands could not ignore \n our findings,\u201d he says. <\/p>\n
The data provides specific information such as a gender-wise \n break-up of customers\u2019 preferences. \u201cWe collect data \n in-house. With the data in hand, we make sure a customer in Central \n gets what he wants,\u201d says Prasad. Data collection has helped \n other retailers too. \u201cData is the key to the success of every \n retail business; 70 per cent of our revenues come from the 2.5 \n million customers who form our database,\u201d says Govind Shirkande, \n CEO of Shoppers Stop.<\/p>\n
Central has tied up with nearly 1,000 brands and ensures that \n they introduce their new collections a month before they release \n it in the market. \u201cAnalytics gives you an edge and very often \n our collections are different to the ones you get in the market,\u201d \n says Prasad. <\/p>\n
Even inventory management is done differently in Central. The \n inventory risk is on the manufacturer, where 40 per cent of the \n stock is contracted to be returned if not sold. But because Central \n sells most of the goods in store, only around 10 per cent of the \n stock is returned at the end of season. <\/p>\n
According to analysts from E&Y, only 6 per cent of the $450 \n billion retail industry is organised. Of the 6 per cent, 45 per \n cent of the organised retail business comes from apparel retailers. \n \u201cThe apparel business has seen very few glitches over the \n last couple of years. It is in this context that some formats \n have done very well,\u201d says Pinakiranjan Mishra, partner and \n national leader of consumer markets, E&Y.<\/p>\n
In many ways Central is a seamless mall, at least that was the \n branding that shoppers became used to. It\u2019s a place where \n they can shop, eat and watch movies. \u201cWe are often referred \n to as a mall and it is difficult to do away with that reference,\u201d \n says Prasad. But all that is changing now and Prasad and his team \n are working on a business plan for a new format for the next three \n years. This has been prompted by some external issues such as \n the slowing economy. Plus, the large format itself is becoming \n a burden to replicate across India. \u201cIt is very difficult \n to get large properties across Indian cities as rentals are very \n high,\u201d says Dutta of Third Eyesight.<\/b><\/p>\n
Currently, nearly 40 per cent of the properties are on a revenue-share \n model with a minimum guarantee. During the first six years of \n operation, it was the high rentals (of nearly Rs 150 per sq. ft) \n which resulted in low margins of only 5-7 per cent. In 2010, all \n that changed when the management adopted a revenue-share model, \n increasing margins to 10 per cent. The net margin of the competition \n is between 10-12 per cent. <\/p>\n
What has differentiated Central from the likes of Shoppers Stop \n and Lifestyle is its sheer size. While Central operates large-format \n stores \u2014 at least 100,000 sq. ft in size \u2014 located in \n independent properties that have been leased for a period of eight \n years, the other two operate stores with an average size of 45,000 \n sq. ft. But all that is set to change.<\/p>\n
\n Next Move<\/b>
\n Biyani now plans to open smaller formats of Central that will \n compete directly with Shoppers Stop, Westside, Lifestyle and the \n like. The first store is set to open soon at the Brigade Orion \n Mall in Bangalore. \u201cThis format fits well in our mall and \n is well positioned because of its multi-brand presence,\u201d \n says Vishal Mirchandani, CEO of Brigade Orion Mall. <\/p>\n
\u201cWe have realised that the large format has its limitations, \n but we will have the best of Central in the smaller formats and \n that is our differentiation,\u201d says Prasad. <\/p>\n
Analysts estimate that the new model can be scaled up to over \n 50 stores in the next five years. But the quality of the malls \n that they sign up with will be crucial to their success. In India, \n only about 15 malls of the 255 in operation seem to be bringing \n in revenues for retailers; the rest are still struggling.<\/p>\n
Homing in on the right property is essential. Explains Kabir \n Lumba, managing director of Lifestyle India: \u201cOur expansion \n strategy has always been to sign on good properties and not scale \n up to locations where we will not grow. That is why Lifestyle \n has been a success. We try to do more with the current set of \n properties.\u201d <\/p>\n
With a large number of retailers failing, there is a surfeit \n of properties up for grabs. This may work in Central\u2019s favour. \n It needs to scale up its operations by opening more stores in \n the years to come to take on competition. \u201cWe are growing \n and have targets; Central is the best kept secret of the Future \n Group,\u201d says Prasad.<\/p>\n
(This story was published in Businessworld \n Issue dated 06 August 2012<\/a>.)<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"Vishal Krishna BusinessWorld, 28 July 2012 When you have Rs 7,846 crore in debt, that takes centrestage and everything else is pushed to the sidelines. And that is exactly what was happening at Kishore Biyani\u2019s Future Group over the past few years. However, after selling a majority stake in Pantaloon Retail to the Aditya Birla […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-2254","post","type-post","status-publish","format-standard","hentry","category-press-quotes"],"yoast_head":"\n
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When \n you have Rs 7,846 crore in debt, that takes centrestage and everything \n else is pushed to the sidelines. And that is exactly what was \n happening at Kishore Biyani\u2019s Future Group over the past \n few years. However, after selling a majority stake in Pantaloon \n Retail to the Aditya Birla Group, managing a private placement \n with Bennett, Coleman & Company (BCCL), and getting private \n equity giant Warburg Pincus to acquire a majority stake in Future \n Capital Holdings (FCH) resulted in Biyani raising nearly Rs 2,500 \n crore in the last couple of months. Further, with Warburg Pincus \n taking over the Rs 3,800-crore debt of FCH, nearly Rs 6,000 crore \n in debt has been wiped off Biyani\u2019s balance sheet. <\/p>\n ![](\"https:\/\/www.thirdeyesight.in\/wp-content\/uploads\/2022\/09\/central-mall-graphic_lg.jpg\")
\n Next Move<\/b>