DPGC expansion plans include investment of Rs 1000 cr for DP Retail
Mumbai, July 30 Given the rising consumerism in Metros like Mumbai, DP Retail, a subsidiary of Darwin Platform Group of Companies (DPGC) formally announced its entry into retail space with the launch of its first megastore at DP Nagar, Andheri West here. The company would be opening other self-owned exclusive stores at Bhandup, Goregaon, Jogeshwari, Sion, and Worli soon.
The 2500 square feet DP retails store in Andheri has the optimal mix of local, regional, national, and private label quality brands at competitive and concessional rates with loyalty and promotional schemes. The group plans on having a Pan-India presence of 50 lakh square feet of DP Retail in next few years.
Speaking about the expansion plans, Raja Roy Choudhury, Group CEO, DPGC, said, "India is the world's fifth-largest global destination in the retail space. With DP Retail, we would be leveraging our countrywide network to cater to the rising consumers' demand. The first self-owned exclusive megastore of DP Retail, opened today, is spread over 2500 square feet. Other five stores in the city would be spread over 500-600 square feet. Overall, we are aiming at 50 lakh square foot space across the country in the next few years."
DP retail financial plans include the investment of Rs 1000 crore in the FY21 to expand in Tier 1, Tier 2 & Tier 3 cities. It has also allocated Rs 100 crore towards market penetration across the omnichannel retail business, including an innovative franchise model.
The company plans on achieving pan India presence with different categories, including food, health, wellness except fashion items. The catalogue will also have traditional Indian products. A prominent aspect of the expansion is to introduce innovative techniques and functionality in every area, including pricing, marketing, procurement, sourcing, and merchandising.
With the robust expansion, DP retails also plans to generate exceptional employment opportunities for the nation's youth. Going forward with mushrooming of its stores across India, the company would set in train a virtuous cycle of growth and job creation. DP Retail aims to provide direct and indirect job opportunities to 1.25 Lakh youth in the next 2-3 years.
"We have recently launched the Mega Employment Program to provide job opportunities to youth, and DP Retail will be offering jobs to nearly 1.25 lakh people in the next two or three years. We have an ambitious plan to provide jobs to 40 lakh people, and DP Retail would have the lion's share in this," he added.
The procurement policy would empower and encourage the local business people from manufacturers, cultivators to traders, and skillman in order to increase the sphere of opportunities and influence. The idea is to provide the best price possible to the people at the root for their products and services.
"This policy would act as a catalyst to promote vocal for local and thereby giving a push to Atmanirbhar Bharat Mission. We will be setting up our manufacturing unit with over 1 million/ month production, processing, and packaging capacity that would strengthen DP Retail's supply chain. DPGC's history of winning over customers by heavy discounts during the initial stage is likely to work in its favour," the Group CEO said.