The Tata Group’s retail arm -- Trent Ltd. -- which operates the Westside, Star Bazaar, Landmark, Zara and Zudio stores, is reportedly looking to triple revenue to Rs 15,000 crore over the next decade.
Noel Tata, Chairman, Trent, told the Mint that his firm expects to pump Rs 150 crore into the business every year to hit that target.
India’s overall retail market is pegged at Rs 47 lakh crore, and modern retail and e-commerce together make up about four percent of that pie, or some Rs 2 lakh crore.
“…The market is growing at seven percent, or Rs 3.5 lakh crore a year. There’s a lot of time, and lot of space in the market. And there’s space for everybody…” Tata told the newspaper.
But even as it chases an ambitious growth target, Trent will avoid the “super-premium segment,” Tata added.
Alibaba taps the Tatas
Separately, Chinese e-commerce giant Alibaba has reportedly revived negotiations with India’s leading conglomerates to boost retail plans in what is now the world’s sixth-largest economy.
Senior Alibaba executives have held talks with the Tata Group, with Mukesh Ambani-led Reliance Industries (RIL) and with Kishor Biyani’s Future Retail, according to The Times of India.
Those discussions are aimed at expediting the Jack Ma-led internet major’s retail plan for India, TOI added.
Trent recently opened the doors to the 131st Westside outlet, at Jamshedpur, which houses India’s first steel plant. "Jamshedpur is an integral part of the Tata history and it is a proud moment for us to launch our first store in Jamshedpur this Independence Day," Noel Tata told reporters at the store’s inauguration.
Jamshedpur was brought into being by Jamsetji Tata, the founder of the Tata group.
With inputs from PTI.
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Updated Date: Aug 21, 2018 20:28:51 IST