Indian specialty grocery chain Godrej Nature’s Basket has announced plans to rebrand itself as a gourmet food retailer and expand the footprint of its new stores.
The specialty retailer said it would expand its current focus on fresh fruit and vegetables to cover a greater range of premium-quality speciality food, reported the Business Standard.
“We have reached a level of expertise and premium-ness and believe the timing is right to communicate our positioning through a new brand identity,” said the chain’s managing director Mohit Khattar.
Godrej Nature’s Basket has been growing at an average annual rate of 70 per cent for the past few years, and currently has an annual turnover of Rs600m (US$13.2m).
The retailer has 12 outlets in Mumbai and Delhi, and plans to double its store numbers in the next two years. Mr Khattar said the company would also open stores of around 230-280m2 (2,500-3000ft2), compared to its current 90m2 (1,000ft2).
About 85 per cent of Godrej Nature’s Basket’s products are imported, and fresh fruit and vegetables are key drivers of customer traffic.
While the gourmet food segment is a small part of India’s food and grocery scene – estimated at Rs60bn (US$1.32bn) by analyst Technopak India – it is seeing growth of 25-30 per cent annually, the Business Standard report said.
