The New Shop expands reach with flagship store opening in Jabalpur, Madhya Pradesh

April 23, 2024

The New Shop, a Delhi-based convenience retailer, has opened a flagship store in Jabalpur, Madhya Pradesh, as stated in a social media post by a top company executive.

“Our flagship store goes beyond being merely a retail outlet; it serves as a convenience hub, providing a comprehensive array of products and services designed to cater to the varied requirements of the local community. Whether it’s fresh produce or daily necessities, we’ve curated everything you need under one roof!” remarked Aastha Almast, Co-Founder.

Continue Exploring: Retail sector sees 8% growth in March 2024

“We extend a warm invitation to all residents of Jabalpur to join us in commemorating this significant milestone and to witness the convenience revolution firsthand. Let’s collaborate to make shopping smarter, simpler, and more delightful for everyone!” she elaborated.

Established in March 2019, The New Shop operates as a franchise convenience retailer, strategically located in densely populated neighborhoods, airports, gas stations, railway stations, and educational institutions, as outlined in the brand’s LinkedIn profile. With a comprehensive omni-channel presence, The New Shop provides a wide array of products including snacks, beverages, personal care items, home essentials, pet care products, confectionery, tobacco, hygiene necessities, ready-to-eat meals, over-the-counter drugs, and grocery staples, as detailed on the brand’s website.

Continue Exploring: Godfrey Phillips explores sale of 24Seven grocery chain to major retail players

India seeks details from Singapore, Hong Kong food regulators following MDH and Everest spice bans

SnackTeam

April 23, 2024

MDH and Everest Spices (Representative Image)

India, widely acknowledged as the world’s leading producer, consumer, and exporter of spices, is actively seeking information from food safety authorities in Singapore and Hong Kong. These authorities have imposed bans on specific spices from Indian brands MDH and Everest, citing quality apprehensions. Additionally, the commerce ministry has instructed Indian embassies in both Singapore and Hong Kong to furnish comprehensive reports regarding this issue.

The ministry has also requested information from the Indian companies MDH and Everest, whose products have been banned due to alleged excess levels of the pesticide ‘ethylene oxide‘ surpassing permissible limits.

“A request for information has been sent to the companies. “We will identify the root cause of the rejection and begin corrective measures in collaboration with the affected exporters,” said a commerce ministry official.

The official mentioned that technical specifications, analytical reports, and information about the exporters whose shipments have faced rejection have been requested from the Embassies in Singapore and Hong Kong.

Continue Exploring: FSSAI launches quality checks on MDH and Everest spice mixes following reports of high ethylene oxide levels

The official also mentioned that information has been requested from the Singapore Food Agency, the Centre for Food Safety, and the Food and Environmental Hygiene Department in Hong Kong.

The ministry official noted that an industry consultation has also been arranged to address the issue of compulsory testing for ethylene oxide in spice shipments bound for Singapore and Hong Kong.

Meanwhile, the Spices Board of India is investigating the prohibition enforced by Hong Kong and Singapore on the sale of four spice-mix products from Indian brands MDH and Everest.

The food safety regulator in Hong Kong has advised consumers against purchasing these products and urged traders not to sell them, while the Singapore Food Agency has mandated a recall of the products.

Continue Exploring: Singapore recalls Everest’s Fish Curry Masala due to high pesticide levels

During the fiscal year 2022-23, the nation exported spices valued at nearly INR 32,000 crore. Major exported spices include chilli, cumin, spice oil and oleoresins, turmeric, curry powder, and cardamom.

Reliance Retail’s Smart & Smart Bazaar embrace premiumization with diverse product portfolio expansion

SnackTeam

April 23, 2024

In a strategic move signaling a shift towards catering to a more diverse clientele, Reliance Retail’s value-format grocery chains, Smart and Smart Bazaar, announced the diversification of its product portfolio to include premium offerings.

According to its latest quarterly report, the grocery retail chains unveiled a variety of upscale products, such as international delicacies, luxury body mists, and high-end serums.

Dinesh Taluja, CFO of Reliance Retail, said, “We’re observing a growing trend towards premiumization across various consumption categories. This is reflected in rising average bill values, primarily fueled by the demand for premium products, leading to improved margins. Moreover, there’s a notable increase in the share of non-grocery items, further enhancing the margins for our business.”

Reliance Retail, India’s largest retailer, reported another quarter of consistent performance in its grocery segment, spearheaded by Smart and Smart Bazaar.

Continue Exploring: Reliance Retail’s Q4FY24 net profit surges 11.7% to INR 2,698 Crore

The recent achievement of Smart & Smart Bazaar’s flagship event, the ‘Full Paisa Vasool Sale,’ saw a notable 21% year-on-year increase in sales, with significant contributions from household and personal care, confectionery, and snacks categories. Likewise, the retailer emphasized the impactful role of Smart & Smart Bazaar’s extensive regional presence in propelling growth, tapping into diverse regional nuances to fuel promising avenues for expansion.

“We are establishing the most extensive regional network of stores in the country,” Taluja remarked. “Therefore, offering both regional and national assortments creates a compelling value proposition for our customers.”

Remarkably, sales in specific markets leading up to Holi surpassed those during the traditionally festive season of Diwali.

“Now, as you’re aware, Diwali is the country’s prime consumption period. However, for the first time, we observed exceptionally strong sales during the pre-Holi period in certain markets. This is likely attributed to the regional insights we possess regarding assortment, as well as our regional communication efforts,” he explained.

Continue Exploring: Reliance Retail’s JioMart sees 94% YoY surge in seller base in Q4 FY24

During the quarter, Reliance Retail’s Grocery New Commerce business segment saw significant growth, propelled by the successful inclusion of new kirana partners through initiatives such as the “Metro Kirana Utsav.” Furthermore, the HoReCa segment witnessed growth as Smart & Smart Bazaar strengthened partnerships with institutional customers, thereby broadening its revenue channels.

V2 Retail to invest INR 90-100 Crore in expansion drive: Plans 35-40 new stores across the nation

SnackTeam

April 23, 2024

Value retail chain V2 Retail has plans to open 35-40 new stores, each covering an area of 4 lakh square feet. Additionally, it intends to invest INR 90-100 crore in store expansion and bolstering inventory.

The retailer also intends to hire over 1500 people across various sectors such as sales, marketing, operations, and customer service, aiming to propel expansion and support the nation’s Skill India initiative.

Continue Exploring: Fashion retailer V2 Retail expands its reach to Bhubaneswar with latest store

“Our vision resonates with the enthusiasm and dedication of our latest team members,” remarked Akash Agarwal, Director at V2 Retail. Underscoring the importance of these new additions, Agarwal emphasized, “Their contributions will be instrumental as we continue to expand.”

V2 Retail offers an extensive selection of apparel spanning various categories, all conveniently available under one roof. With a presence in 17 states, the brand operates 96 stores in both major cities and smaller towns.

Continue Exploring: Fashion retailer V2 Retail expands with three new outlets in Odisha and Bihar

Smartsters expands retail footprint with exclusive store launch in Juhu

SnackTeam

April 23, 2024

Smartsters, the renowned children’s furniture brand, unveiled its 35th store at Linking Road, Juhu in Mumbai on Tuesday. The latest addition is housed within a shop-in-shop concept at Crossword Bookstore.

This marks a significant step in the brand’s efforts to extend its presence into key emerging markets.

Smartsters provides high-quality furniture tailored for children, spanning from toddlers to teenagers.

Ashni Biyani, Co-Founder of Smartsters, expressed, “Teaming up with Crossword was a logical decision for us, given our mutual dedication to enhancing lives and crafting spaces that foster development and creativity.”

Continue Exploring: Ikea unveils first-ever B2B furniture collection with launch of Mittzon

The launch event featured a panel discussion comprising experts from academia, child development, and design. They delved into the importance of well-designed furniture in nurturing children’s development and providing them with environments conducive to flourishing.

Aditya Patil, Founder and CEO of Ascend International School, psychologist Payal Narang, certified parent coach and educator Piya Marker, Farheen Nanji and Naazish Reshamwala, founders of FN Design Studio, and Bikram Mittra, Head of Design at Smartsters, were among the panellists. The panel discussion was succeeded by Amar Chitra Katha’s storytelling session.

Smartsters presents a diverse array of children’s furniture and accessories, spanning from lively bunk beds and study desks to decorative accents and storage solutions. Additionally, a forthcoming collection will feature beds, study desks, cots, and cribs.

Continue Exploring: IKEA eyes major investment boost in India as it explores next phase of funding and expansion plans

The brand has established its presence in more than 20 locations through shop-in-shops across major cities such as Delhi, Mumbai, Chennai, Goa, Pune, Ahmedabad, and Noida, complemented by an exclusive brand store in Pune.

Collaborating with prominent names such as Crossword, Hamleys, and HT Interiors, Smartsters extends its reach. Moreover, it maintains a presence on various platforms including Amazon, Pepperfry, Firstcry, Myntra, Nykaa, and its own website.

Lifestyle brand Feier expands offerings with affordable activewear collection

SnackTeam

April 23, 2024

Feier, a Mumbai-based lifestyle brand, has ventured into the activewear market.

The latest activewear collection from the brand includes leggings, remix sets, and a range of innerwear, all starting at INR 1,199.

Natasha Vora, Founder of Feier, expressed, “We’ve utilized seamless technology and dynamic design to create distinctive activewear, on par with international brands. Our ethos centers on embracing individuality and empowering customers to feel fantastic, regardless of the occasion.”

D2C activewear brand BlissClub records four-fold surge in operating revenue, reaching INR 68 Crore in FY23, despite widening losses

Apparel retailer Express files for US bankruptcy protection, plans closure of over 100 stores

SnackTeam

April 23, 2024

Express Inc, a prominent fashion retailer, has initiated Chapter 11 bankruptcy proceedings in the United States and plans to shutter over 100 of its stores.

The retailer, encompassing brands like Express, Bonobos, and UpWest Express, disclosed assets and liabilities ranging from $1 billion to $10 billion in a filing submitted to the bankruptcy court in Delaware.

The company has appointed Mark Still as its new CFO, with immediate effect. Still has been serving as the interim CFO since November 2023.

As part of the bankruptcy proceedings, the company will initiate the closure of approximately 95 Express retail outlets and all of its UpWest stores, starting Tuesday. It refrained from specifying the exact locations.

Continue Exploring: The Body Shop files for bankruptcy: US operations shut down, Canadian stores to follow suit

According to its website, the company runs approximately 530 Express retail and Express Factory Outlet stores across the United States and Puerto Rico, along with roughly 12 UpWest retail stores.

Since its inception in 1980, Express has grappled with subdued consumer demand stemming from slowed spending habits and heightened price sensitivity in discretionary product categories.

Express announced that it has secured a commitment of $35 million in new financing from certain existing lenders.

The multi-brand fashion retailer expects to conduct business as usual as it initiates a court-supervised process to facilitate a formal sale process.

On Monday, the company announced it had received a non-binding letter of intent from a consortium led by WHP Global regarding the sale of a significant majority of its retail stores and operations.

Last year, WHP Global, a brand management firm with ownership of Toys “R” Us and fashion labels like Anne Klein, acquired a 7.4% stake in Express.

Continue Exploring: Fashion retailer Ted Baker to shut down 15 UK stores, leading to nearly 250 job cuts

Subway Canada expands menu with five new globally inspired subs and bowl option

SnackTeam

April 23, 2024

Subway Canada has broadened its culinary offerings by unveiling five fresh Globally Inspired Subs and a new Bowl option.

The company highlighted that its recent launch introduces Canadians to a variety of international flavors, incorporating new sauces, proteins, and toppings inspired by global destinations.

The latest menu features a range of options including the Tandoori Twist, Cuban Crunch, Nashville-Style Hot Chicken, Chimichurri Steak & Cheese, and Little Sicily subs.

Drawing inspiration from the classic Indian cuisine, the Tandoori Twist showcases a Tandoori-spiced pork cutlet paired with Monterey cheddar cheese, spinach, tomato, banana peppers, crispy onions, all enveloped in a zesty Tandoori-spiced sauce.

Continue Exploring: Subway brings back Honey Oat Bread and Creamy Sriracha Sauce across the US!

Conversely, the Cuban Crunch presents a fresh interpretation of the traditional Cubano sandwich. It layers deli-style ham, porchetta, habanero cheese, crispy onions, pickles, lettuce, Cuban-style sauce, and smoky mustard, as highlighted by the company.

The Nashville-Style Hot Chicken sandwich showcases rotisserie-style chicken, Nashville-style hot sauce, lettuce, tomato, pickles, crispy onions, habanero jack cheese, and Peppercorn Ranch dressing.

The Chimichurri Steak & Cheese celebrates Argentina’s passion for beef, highlighting thinly sliced steak, spinach, green pepper, red onion, tomatoes, melted cheese, and a flavorful Chimichurri sauce.

Drawing from Italian flavors, the Little Sicily sub harmonizes capicola, pepperoni, fresh vegetables, creamy mozzarella, garlic aioli, house sandwich sauce, and parmesan cheese, all nestled within Italian Herb and Cheese bread.

Moreover, the Shawarma Chicken Rice Bowl brings a Middle Eastern flair, featuring seasoned rotisserie-style chicken, a blend of wild rice, vegetables, Monterey Jack cheese, tahini, and hot sauce.

Continue Exploring: Subway unveils new lavash-style wraps, expanding bread lineup for first time in three years

The company also mentioned that Subway Canada’s culinary manager and chef, John Botelho, embarked on a personal culinary journey to craft the Globally Inspired menu, conducting thorough research and taste testing to guarantee authenticity and satisfaction.

The menu also accommodates vegetarians with the debut of two new subs – The Big Veggie and Tandoori-Mozza – both boasting a veggie patty, creamy mozzarella, and an array of fresh vegetables.

Myntra sees 75 Million new users in 12 months, non-metro areas drive majority growth

SnackTeam

April 23, 2024

Over the past year, Myntra has seen a surge of nearly 75 million new users, with 65 percent hailing from non-metro areas, as per the latest trend report from the fashion and beauty e-retailer.

According to the Myntra Trend Index, the platform reached an impressive peak of 60 million monthly active users, with an average of six million customers making 30 visits per month.

Furthermore, the platform’s social media engagement reflects its popularity, with top customers visiting around 35 times per month, while Myntra Minis captivate audiences with 100 hours of monthly viewership.

Continue Exploring: Myntra reports robust growth, outpacing online fashion market; monthly active users surge to 60 Million

Exploring fashion preferences, the report highlights prominent color choices. Men are drawn to versatile shades like white, grey, teal, and olive, while women embrace the enchanting appeal of pastel hues such as beige, peach, and lavender. Gen Z preferences lean towards bold and metallic tones, echoing their impact on modern style.

Premiumization appears as a major trend, with significant development observed in categories such as Indian wear, luxury selections, and even premium home decoration goods, indicating a growing taste for indulgence among customers. The luxury luggage segment increased by 55 percent year on year. Demand for Luxe selection increased by 150 percent year on year, indicating a growing taste for luxury items.

Bengaluru has surfaced as a hub of Gen Z’s fashion influence, as varsity jackets, bling dresses, and oversized blazers captivate the imagination of this trendsetting cohort.

In the meantime, traditional attire receives a contemporary update, as monochromatic lehengas and metallic sarees gain momentum alongside Bollywood-inspired styles. Accessories play a crucial role in perfecting outfits, with vintage watches and monogram bags imparting a sense of sophistication.

The beauty and grooming scene experience a surge in the demand for science-backed skincare and detailed hair care routines, highlighting a nationwide embrace of self-care and personal grooming.

“Myntra Trend Index sheds light on some of the most notable consumer trends spanning fashion, beauty, personal care, and lifestyle segments in India. The report’s findings strongly indicate that the country is undergoing a shift towards premiumization, with a noticeable increase in trend adoption across different demographics. In the realm of fashion, India has become increasingly experimental in its choices, while also embracing self-care and personal grooming on a significant scale,” stated Sharon Pais, Chief Business Officer of Myntra.

Continue Exploring: Myntra’s marketplace reports positive EBITDA in Q4 2023 amid strong growth

Reliance Retail’s JioMart sees 94% YoY surge in seller base in Q4 FY24

SnackTeam

April 23, 2024

Despite experiencing sequential declines in profit and revenue, Reliance Retail, the retail segment of Reliance Industries Ltd (RIL), reported robust growth in seller additions for its digital commerce arm, JioMart, in the quarter that ended March 2024.

RIL’s quarterly financial report revealed that JioMart experienced a significant 94% year-on-year increase in its merchant base. However, specific figures for the merchant base were not disclosed.

Following the similar trends, the conglomerate also reported a 20% year-over-year growth in the number of merchants selling consumer electronics via its new commerce platform, although specific figures were not disclosed.

The statement notably omitted any reference to the contribution of digital and new commerce ventures to Reliance Retail’s overall revenue. In the third quarter (Q3) of the fiscal year 2023-24 (FY24), the company had previously indicated that these sectors constituted 19% of the retail giant’s total income.

Continue Exploring: JioMart reports 3X surge in seller base, expands non-grocery offerings, and achieves record revenue in Q3

In the quarter ended March 2024, Reliance Retail saw a 9.8% year-over-year increase in operating revenue, reaching INR 67,610 Cr compared to INR 61,559 Cr in the same period last year. However, revenue declined by over 9% sequentially from INR 74,373 Cr.

Meanwhile, Reliance Retail achieved a net profit of INR 2,698 Cr in Q4 FY24, marking an 11.7% year-over-year increase but a 14.7% quarter-on-quarter decline.

Reliance Retail Ventures Limited’s (RRVL’s) Executive Director, Isha Ambani, emphasized, “Our ongoing investments and innovations across formats and products aim to enhance our customer value proposition and cater to changing consumer demands. The strong expansion and growth of our retail business reflect our dedication to customer-centric strategies and our confidence in India’s consumption potential.”

Additionally, the conglomerate announced an increase in its investments in digital news and entertainment sectors during the quarter, resulting in significant growth for the OTT streaming platform JioCinema.

The 2024 edition of the Women’s Premier League (WPL) streamed on JioCinema reportedly experienced a threefold increase in watch-time and a 70% increase in “reach” compared to the previous season.

“JioCinema also achieved unprecedented reach and engagement for TV network shows. Bigg Boss Hindi experienced a 2.7-fold increase in viewership, 1.3-fold increase in watch-time, and 1.6-fold increase in views, while Bigg Boss Kannada saw a 5.6-fold increase in viewership, 3.5-fold increase in watch-time, and 4.2-fold increase in views compared to the previous season,” the statement noted.

Continue Exploring: Reliance Retail’s Q4FY24 net profit surges 11.7% to INR 2,698 Crore

Meanwhile, RIL’s digital subsidiary, Jio Platforms, recorded a 12% increase in its consolidated net profit to INR 5,583 Cr in the March quarter, up from INR 4,984 Cr in the corresponding period last year. Similarly, operating revenue surged 13.4% year-over-year to INR 28,871 Cr during the quarter in question.

Overall, RIL’s net profit held steady at INR 21,243 Cr in Q4 FY24, mirroring the INR 21,227 figure reported in Q4 FY23.

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