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Mukesh Ambani, Radhakishan Damani set to face competition from Kishore Bayani because...
Biyani family is getting ready to make waves in the retail industry once more.
Updated : Jul 23, 2024, 05:31 PM IST
 "Mukesh Ambani, Radhakishan Damani set to face competition from Kishore Bayani because...")
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For almost a decade, Kishore Biyani dominated the Indian retail industry. He was referred to as the retail king of the nation. However, he had brought Future Retail from poverty to prosperity, and now it is in trouble. However, the Biyani family is getting ready to make waves in the retail industry once more. In order to jointly promote the theater-style multi-brand retail format Broadway, Kishore Biyani's daughters Avni and Ashni Biyani, as well as his nephew Vivek Biyani, have teamed up with actor Rana Daggubati, Anarock, and Salarpuria Group.
According to Broadway founder Vivek Biyani, four people co-promote the show. In this, Think9 and I are one unit. Rana Daggubati, an actor and entrepreneur, Apoorv Salarpuria of the Salarpuria Group, and Anuj Kejriwal of Anarock are also featured. According to Vivek, each promoter has made a sizable investment for this fiscal year. There will be an effort to raise funds as the number of stores rises. He stated that at the end of August, Ambience Mall in Vasant Kunj, Delhi, will host the grand opening of Broadway's first store. Following this, stores will open in Mumbai in February 2025 and Hyderabad in October 2025.
The Broadway store will feature 120 to 150 brands and be between 25,000 and 35,000 square feet in size. The Biyani sisters also opened Foodstories, a restaurant and grocery store on Broadway. Salons, studios, consultation rooms for health and wellness, and sampling stations will also be included. Broadway is a funfair, according to Kejriwal. The way digital and physical retail have been integrated is a unique model in and of itself. It makes sense for consumers to consume content physically since they already do so online. Broadway provides you with experiences, brands, and content all under one roof in this way.
According to Vivek, Broadway will operate using a plug-and-play system. Retailers will not be required to pay any rental fees, security deposits, or setup costs during their three, six, or nine-month onboarding period. However, in exchange for this, brands will have to pay Broadway a participation fee. At the moment, Reliance Retail, owned by Mukesh Ambani, is the biggest retailer in the nation. Avenue Supermarts, a publicly traded company owned by Radhakishan Damani, operates DMart nationwide.
