Godrej Nature’s Basket collaborates with Goa’s leading retail chain, Magsons Group, as part of its national expansion strategy
A venture of the Godrej group, Godrej Nature’s Basket (GNB), India’s leading neighbourhood store providing the freshest and finest food experience, recently announced its expansion plans to opt for an asset-light growth model for furthering its reach in Tier 1 and 2 cities. The strategy, in line with its target to grow three times by the Financial Year 2020, focuses on fostering partnerships with leading regional retail chains. As a proof-point of the strategy, Godrej Nature’s Basket has entered into a long-term strategic partnership with Goa’s leading retail chain, the Magsons Group.
A name that requires no introduction in Goa, the Magsons Group is a family-owned supermarket and grocery chain operating since the 1990s and runs 11 stores across Goa. Established in 1990, Magsons entered into the field of supermarkets by introducing its first store at Miramar. It was conceptualised by Kirit and Andrea Maganlal, who discovered a niche business uncatered to until then, except by some unorganised players and public co-operative stores. With the aim of providing innovation in the retail sector, and to provide the Goan consumer with a fully holistic shopping experience, Magsons was born.
Godrej Nature’s Basket will work along with Magsons Group on assortment, merchandising and sourcing of the products to bring the assortment in line with its product strategy. The move will bolster GNB’s presence in the western market, and provide Magsons an opportunity to strengthen its operations using GNB’s experience of successfully establishing neighbourhood stores with a sharp focus on providing daily food delights.
Avani Davda, Managing Director, Godrej Nature’s Basket, said, “Godrej Nature’s Basket is a trusted neighbourhood store providing the finest and freshest food experience to Indian consumers through an omni-channel model. This national expansion strategy will steer the path for better deployment of capital between growth through expansion and collaboration with key regional players. This is a win-win for both partners as it would help improve revenue and margins for the partners as well as provide them with our expertise of crafting great shopping experience for consumers.”
Kirit Maganlal, founder and CEO, Magsons Group added, “We are delighted to partner with Godrej Nature’s Basket in its endeavour to expand across key regions. This collaboration is aimed at accentuating the shopping experience of our trusted consumers in Goa. Since our inception, our values have been to do what is right for the customer and for our associates. Employees across our stores will immensely benefit from the expertise and legacy of Godrej.”
“Since our inception, our values have been to do what’s right for the customer and what’s the right thing for our associates. Employees across our stores will immensely benefit from the expertise and legacy of Godrej”
Godrej Nature’s Basket is India’s pioneering food destination from the 119-year old Godrej Group. Its beginnings were humble – what started in 2005 as a single store in Mumbai has now transformed itself into an omni-channel retail business. With an aim to redefine India’s freshest and finest food experience and be the go-to place for customers’ ‘Daily Food Delights’, Godrej Nature’s Basket now operates 35 physical stores in cities such as Mumbai, the National Capital Region of Delhi (NCR), Bengaluru, Pune and Hyderabad.
Currently, with a presence through 30 stores across three states, GNB aims to increase its presence through 40 stores in India (excluding partner stores), and establish the brand as a leading national neighbourhood retail chain by 2019. The ‘asset-light’ model will also have a positive impact on both the bottom line and top line of GNB and is expected to improve the revenue by 17% over Financial Year 2018 exit on an annualised basis