Nature’s Basket, the renowned grocery retail chain under the RP Sanjiv Goenka group, is set to venture into the ultra-premium or luxury segment with the launch of Nature’s Basket Artisan Pantry, a larger-format experiential concept store. Spencer’s Retail Chairman Shashwat Goenka announced the inauguration of the first store in this format at Palladium Mall in Lower Parel, Mumbai, boasting a substantial 12,000 square feet compared to the average 2,500 square feet of the retail chain’s existing stores.
Buoyed by its strategic entry into the luxury segment, Nature’s Basket is optimistic about returning to profitability in the upcoming financial year (2024–25). Shashwat Goenka expressed confidence that the positive profit after tax (PAT) for 2024–25 is highly likely, attributing the current negative PAT to a long-standing Rs 100 crore loan on the company’s books.
The new luxury format is anticipated to contribute to improved margins, with the potential to achieve breakeven in the second month of operation. Shashwat Goenka revealed plans for three stores in the current financial year, with the second store scheduled to open in Bandra, Mumbai, and the third in Alipore, Kolkata. The second store spans 9,000 square feet, while the third covers 7,500 square feet. The Bandra store is expected to open in December, followed by the Alipore store on January 24.
Looking ahead to the next fiscal year, Nature’s Basket aims to roll out an additional 3-5 stores, further expanding its footprint in the luxury segment. The current store count for Nature’s Basket stands at 32. The move into the luxury market represents a strategic shift for the grocery retail chain, positioning it for growth and increased profitability in the competitive retail landscape.