The Kishore Biyani-led Future Group today said that it has bought the lone India franchisee store of South Africa’s biggest grocery chain, Shoprite Holding, and renamed it as Foodrite. “We always wanted to have a large format store dedicated only for food and so we took over the Shoprite store,” Future Group’s Customer Director, Damodar Mall, told reporters here. The store is spread over 55,000 sq feet with a bakery. Mall, however, did not disclose the amount at which Future Group bought the store from Shoprite Holdings.
Shoprite sold multi-brand products in India through a franchisee agreement with Mumbai-based property developer, Nirmal Lifestyle. Mall said that the company was open for acquisition of a similar kind in the future as well.