Future Group – country’s largest retailer has bought the lone India franchisee store of South Africa’s biggest grocery chain Shoprite Holding and renamed it as Foodrite.
“We always wanted to have a large format store dedicated only for food and so we took over the Shoprite store,” said by the top company official. 85 per cent of the stock in Foodrite would be food items. The Kishore Biyani-led Future Group has renamed the Shoprite store as Foodrite. The store is spread over 55,000 sq feet with a bakery.
Shoprite has been selling multi-brand products in the country through franchisee agreement with the Mumbai-based property developer Nirmal Lifestyle. Mr Mall also said the company is open to acquisition of a similar kind in the future as well.