With Future Group, Biyani had set up his retail empire against all odds. But government policies and a pandemic proved to be the last straw
Kishore Biyani spotted the coming-of-age of India’s consumer class, which was aspirational and unwilling to play by the rules of their parents’ generation. Photo: Mexy Xavier
It was around the turn of the century that the then 39-year-old Kishore Biyani made a bold bet. Phoenix Mills, an up-and-coming mall in Lower Parel, Mumbai’s mill district, was looking for anchor tenants. Biyani, who had tasted success with Pantaloons, which he had launched in Kolkata a couple of years earlier, was keen to locate his value retail format Big Bazaar within the mall.
By then, the astute observer of consumer behaviour had realised that Indian shoppers were unwilling to pay for parking. Malls were not part of the retail landscape and the idea of driving a few kilometres to buy groceries was unheard of. Paying for parking could have been a deal breaker. It was only after Phoenix Mill’s owner Atul Ruia promised to waive parking fees for the next five years that Big Bazaar agreed to set up shop. The store went on to become among the highest grossing Big Bazaars in the country.
Passionate. Instinctive. Impatient. These are a few of the adjectives his colleagues and peers use to describe Biyani. His story is of a home-grown entrepreneur with no inherited capital going on to create what was once India’s largest retail empire. He spotted the coming-of-age of India’s consumer class, which was aspirational and unwilling to play by the rules of their parents’ generation. Always on the prowl for his next big idea, he renamed his businesses as the Future Group. “He was very fast in conceptualising an idea and getting it off the ground,” says BS Nagesh, founder of Trust for Retailers & Retail Associates of India (TRRAIN), who has known Biyani for the last three decades.
But his story is also a cautionary tale of how a large board of ideas needs patient capital—something Indian entrepreneurs don’t always have access to. India continues to disallow dual classes of shares, which mean entrepreneurs either need to dilute their shares quickly or raise large dollops of debt. Biyani chose the latter.