With far-reaching socio-economic changes sweeping India, key economic drivers in urban and rural India are maturing fast. The exponential growth in incomes and consumption is already delivering extensive societal benefits and fuelling the purchasing power of the burgeoning middle class. At Future Group, we want this growth to trickle down to India’s economically disadvantaged.
According to the BCG Report – Building a New India (February 2011) -organized retail in India is expected to grow at an aggressive pace, in line with top quartile growth of penetration witnessed in other countries. This will lead to a retail market of ~US$ 260 billion by 2020, leading organized retail to make a significant impact on the economy in general and key stakeholders in particular.
We believe social-economic inequity in our otherwise robust and growing domestic economy needs to be tackled through sustainable and inclusive development.Modern organized retail has the power to create grass roots employment and strengthen the economy. In addition, the evolution of the retail industry can promote social inclusion like self-employment apart from providing superior value to customers which, in turn, fuels further consumption.
Organized retail (also referred to as modern trade or modern retail) can play a crucial role in driving inclusive growth by impacting three key stakeholders: producers, workers and consumers. Organized retail can help improve incomes of producers by increasing price realization and providing opportunities for growth that are not available in traditional business models.
Future Group envisages a harmonious society in which the entire population enjoys a better quality of life. For us, inclusive growth means responsibility towards our associates, suppliers and local communities.
- Empower our employees by providing a challenging, dynamic and diverse work environment that supports professional development.
- Deliver tangible economic benefits to our partners, including our suppliers and distributors and address relevant issues pertaining to the health, safety and welfare of those working in our supply chain.
- Engage with local communities to improve social mobility and create increased self-employment opportunities.
We aim to serve as a catalyst, employing inclusiveness as a powerful development tool. Future Group aims to create and sustain an environment conducive to India’s growth by playing a proactive role in India’s development process.
Consider our supplier development initiatives
Netway Home Products, which started as a small FMCG trading company in 2001, scaled up its operations in 2003 to cater to Future Group’s requirements, by setting up an 800 sq.ft. manufacturing plant at Palghar, Maharashtra. Netway began manufacturing homecare products like toilet cleaners, glass cleaners, utensil cleaners and hand-wash at its plant under our guidance with respect to quality and other product specifications. As a result, Netway has grown from a small Rs. 2.5 crore company by turnover in 2003 to an over Rs. 40 crore company by turnover in just three years at a brisk pace of 50%, in sync with Future Group’s growth.
Similarly, Spacewood Furnishers, a company with just Rs. 2.0 crore turnover attained a deeper insight into its home retail business from its close association with us. Profiting from this association, it achieved a turnover of Rs. 28 crore in just five years.
More importantly, the Group has contributed significantly to women’s empowerment through Big Bazaar’s platform ‘Yatra’. This has provided women from self-help groups across Maharashtra with an opportunity to market their food and non-food products. This has also encouraged them branch off from self-help groups and start their own micro-enterprises, helping them profit directly from their association with Future Group.
Recognizing the potential to address economic inequality/disparity and accomplish other objectives that contribute to inclusive growth, Future Group has spread its reach deeper into rural India. Through community-driven development, we foster a symbiotic relationship with Indian entrepreneurs across communities to create more self-employment opportunities to realize our strategic objective of growing responsibly while bettering the livelihoods of people all the way down our value chain.