Last November we had reported about Future Group [Pantaloon Retail] and Staples Inc forming a joint venture to retail office supplies in India. Their first store is now open for business in Bangalore. It is located on Outer Ring Road, diagonally opposite to Home Town store.
The company expects to touch revenues of $135 million in the next 5 years and will add 50 standalone stores and 100 shop-in-shop outlets on PAN India basis. Mr. Rakesh Biyani, CEO of Future Retail said,
We have tied up with companies like Accenture and Citibank to supply office products to them. Through stores like this companies can actually bring down the cost of procurement of office products as they have a one stop solution instead of buying from several vendors.
This is the first of its kind store opened in India exclusively for Office supplies.