Big Bazaar has been shut down due to the financial crunch and lack of funding the owner of the company could not run the store anymore, But now Reliance Will Rebrand 200 Big Bazaar(Smart Bazaar) Outlets & Run Operations.
Smart Bazaar, formerly Big Bazaar, is an Indian retail chain of hypermarkets, discount department stores, and grocery stores. The retail chain was founded by Kishore Biyani under his parent organisation Future Group, which is known for having a significant prominence in Indian retail and fashion sectors.
“Instead of taking over Future Retail, Reliance is doing this as a real estate play because retail is all about location and store space. Over 400 such Big Bazaar stores will be rebranded as Reliance Retail. Reliance will re-employ Future Retail staff working at these locations,” said a source.
"We have Big Bazaar vouchers worth Rs 6,000 whose validity is till December 2023 but these cannot be used now after the stores went to Reliance," said 30-year-old Vipul Dulange to Times of India. "Customer support is providing a toll free number and e-mail id, which are not operational.
Kishore Biyani is an Indian businessman who is the Founder & CEO of Future Group, one of India's biggest brick-and-mortar retailers. He is also the founder of retail businesses such as Pantaloon Retail and Big Bazaar.
RISE AND FALL OF BIG BAZAAR ? | Case Study | Kishore Biyani
What happened with Kishore Biyani?
The Securities Appellate Tribunal (SAT) on Wednesday quashed regulator Sebi's order banning Future Retail chairperson Kishore Biyani and some other promoters from the securities market for one year in an insider trading case.
Lack of Customer-Centric Approach: Successful businesses today are those that place the customer at the heart of their operations. Big Bazaar failed in this aspect, often prioritizing cost-cutting over customer satisfaction, which, in the long run, adversely affected its profitability.
Citing unpaid payments by Future, Reliance has taken control of operations of some 200 Big Bazaar stores and has plans to seize another 250 of Future's retail outlets. Combined, they represent the crown jewels of Future's retail network and around a third of all Future outlets.
They are redeemable at all Big Bazaar & Food Bazaar stores across India. Big Bazaar Gift Vouchers are used as an effective medium in a company for building up: Effective motivational tool for employees. Vendor / Client Gifting.
Criticism and controversies. The company has attracted controversy for reports of political corruption, cronyism, fraud, financial manipulation, and exploitation of its customers, Indian citizens, and natural resources. The chairman of Reliance Industries, Mukesh Ambani, has been described as a plutocrat.
You can buy Future Retail Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Future Retail Ltd Share.
Retailing pioneer Kishore Biyani is the founder and group CEO of the $4.6 billion (revenue) retail giant Future Group. The group includes hypermarket chain Big Bazaar, food retailer Food Hall and convenience store chain EasyDay.
The Future Group founder said that they sold the company to Reliance but Amazon, because of their investment in the company, thought “they (Future Group) were not doing right”. “That went into a legal dispute and didn't allow the deal to consummate.
Mukesh Ambani, Asia's richest person and chairman of Reliance Industries, is expected to guide his children - Akash, Isha, and Anant Ambani - as they take on leadership roles in the company.
Visit the Store:If possible, visit the Big Bazaar store where you purchased or used the Profit Club card. Speak to the store manager or customer service desk, and explain your situation. They may be able to provide on-the-spot assistance or guide you on the next steps.
Future Group founder Kishore Biyani on Wednesday said the homegrown retail major lost nearly Rs 7,000 crore revenue in first three-four months of the COVID-19 pandemic due to closing of stores, which led him to sell his business to Reliance Industries.
Group's wrong choices of investments and tremendous debt dependency led court to send it to bankruptcy. In its investigation, Securities and Exchange Board of India (SEBI) found that the Biyanis' opened a trading account for an entity named Future Corporate Resources.
Future Retail heads for liquidation as lenders fail to get suitable buyer. Last month FRL had informed that Rs 550 crore bid submitted by Space Mantra for FRL, failed to get the required number of votes in the e-voting process of the CoC.
Kishore Biyani is the founder and Group CEO of Future Group. Widely credited as the pioneer of modern retail industry in India, Kishore Biyani is a mentor and role model for many Indian entrepreneurs and a thought leader in Indian business.
