In September, we were the first one to report that My Dollar Store is looking for partners in India. Kishore Biyani’s Future Group has picked up 28% stake in Discount Retailer Sankalp Retail Value Stores, a franchisee of the US based discount format MyDollarStore.
The discount format will be part of large format Big Bazaar stores. Senior Executives in the company are working on setting up this new format inside Big Bazaar stores. They will offer huge array of imported goods at reasonable prices.
Mr. Rakesh Biyani, Director, Pantaloon Retail said,
We are working closely with My DollarStore to create a concept of imported goods in Big Bazaar outlets. This is an area where we see a huge retail consumption opportunity.
MyDollarStore prices its products approximately at Rs 99 in India. Most products do offer value for money and you can never compare directly by converting a dollar to rupee as it will be equvalent to $2+ here in India.
We hope that this section doesn’t become the dumping ground of rejected goods in the Western Market 😉