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I hereby declare that the information presen ted here is true to the
best of my knowledge e. Also, the report has not been published
anywhere else.
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Acknowledgement

The project of this magnit ude would not have been completed singly.Firstl y I want to give my hefty
thanks to all mighty who made the world and me also.

There are many other people without whom the completion (if the project would
not have been p possible. Some have contrib111ed towards this directly while other
have provided indirectly.

It g ives me immense ply erasure to thank

......................................... And ..................................for

Providing me t raining in his reputed organization and giving me a chance to have the experience
of actual retai1operations.

I am indebted to

................................of BI G BAZAAR/or his g uidance and cooperation in

co1npleting this proj ect.

!Ast bow not t he least I would like to convey my heart iest gratitude to all if
embers of BIG BAZ AAR who helped a lot.
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Al Pantaloons. We 1ake pride in challengingconven1ions and thinkingou1of the

box. in travelling on 1he road less 1ravelcd. Our corpora1e d doctrine 'Rewrite
R rules, R e1ain Values' is
Derived from 1his spirit.

Over 1he years, 1he Company has accelera1cd

growth 1hrough its alibi)' 10 lead change. A
number of its pioneering concepts have now
emerged as industry standards. For instance. the
company in1egra1ed backwards into gunnel
manufacturing even as ii expanded its retail
presence at 1he from end ,well before any 01her
Indian retail company accemp1cd 1his. II was 1he
first 10 introduce the concept of the retail
depanmen1al store for the entire family y
through Pantaloons in 1997. The company was
the firs!10 launch a hypennarket in India with
Big Bazaar. a large discount s1ore 1ha1 ii
commissioned in Kolkaia in October 2001. And
the company in1roduced 1he coun!ry 10 1he Food
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Ba2aar, a unique 'ba7aar' within a hypenuarket.

which was launched in Jul y 2002 in Mum bai.
Embracing ou r leadership value.1he company
launched all in July 2005 in Mumbai, making us
tl1e firs!re iler in India Lo open a fashion sk1re for
plussize men and women.
Today we are 1he fastest grov.fog retail compan y in India. The n umber of stores is going 10 increase many folds yearon year
along witl1 1he new fomiats comingup. Theway we work is distinctly "Pantaloon".Our courage 10 dream and lO 1urn ou r dreams
intoreality -tl1ai change people's lives, is our biggt,sl advan1age.Pan taloon is an invitation t ojoin a placewherethen: arc no
boun darie. to what you can achieve. II means never having10stopaskingqu estions; ii mean s never having 10 slop raising the
bar. II is an opportun ity 10 take risks, and ii is this pa sion 1ha1 make. our dreamsa reality.Come enter a world where we promise
you good days and bad days,bu! never a dull moment !
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Future Group

Future Grou p is one of the country's leading business groups presen t in rccail, asset management ,
consumer finance, insurance, retail med ia, retail spaces and logistics. The group 's flagship company.
Pantaloon Retail (India) Limited operates over 10 million square feet of recail space, has over 1,000 stores
and employs over 30,000 people. Futu re Group is present in 61 cities and 65 rural locatio11s in India.
Some of its leading retail formats include,Pantaloons, Big Bazaar. Central. food Bazaar, Home Town.
cZone. Depot. Future Money and online retail fom1at, fu rurebazaar.com.

Future Group companies includes, f\tture Capital Holdings. Future Generali India Indus League Clothin g
and Galaxy Entertainment that manages Sports Bar. Brew Bar and Bowl ing Co.Furure Capital Holdings. the
grou p 's fina ncial arm, focuses on asset management and consum er cred it. It manages assets worth over
$1 billion that are being in vested in developi ng retail real estate and consumer-related brands and hotels.

l"hc group's joint venture partners include -Italian insurance major. Generali, Frenc h retailer CTAM grou
p.US-based stationary products retailer. Staples Inc and UK -based Lee Cooper and India-based
Talwalkar's, Blue Foods and Liberty Shoes.Future Group 's vision is to, "deliver Ev(rything. Everywhere.
Every lin1c to Every I ndian Consumer in th e n-ost profitablc n1anncr.'' l''hc group considers 'lndian-ness· as a
core val ue and its corporate credo is- Re\.\1rite rules 1

Retain value. .
 Pro}tdf/ormbn.blog.rpot.com

Major Milestones

1987 Company Incorporated as Manz Wear Private limited. Launch of Pantaloons trouser,India's first formal
trouser brand.
1991 Launch of BARE, theIndian jeans brand.
1992 Initial public offer (!PO) was made In the month of May.
1994 The Pantaloon Shoppe - exclusive menswear store Infranchisee format launched across the nation. The
company starts the distribution of
branded garments through multi-brand retailoutlets across the nation.
1995 John Miller - Formal shirt brand launched.
1997 Pantaloons - India's family store launched in Kolkata.
2001 BigBazaar,'Is se sasta aur accha kahl nahln' •India's first hypermarket chain launched.
2002 Food Bazaar, the supermarket chain Is launched.
2004 Central - 'Shop, Ea CelebrateInThe Heart Of Our City'·India's first
seamless mall ls launched In Bangalore.
2005 FashionStation • the popular fashion chain Is launched

all-'a littlelarger'·exdusive stores for plus-sizeIndividuals Is launched

2006 Future capitalHoldings,the company's financial arm launches real estate funds Kshit!J and Horizon and private
equity fundIndlvision.Plans forays into Insurance and consumer credlt.

Multiple retail formats Including CollectionI,Furniture Bazaar, Shoe Factory, EZone,Depot and futurebazaar.com are
launclhed across the nation.

Group enters into Joint venture agreements with ETAM Group and Generali.
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Our culture

Al P.dntaloon, Em powerment is what you acquire and Freedom at Work i what you get. We believe our
most valuable assets areour People. Young in spirit, adventurous in action. with an average age of 27
years. our sk illed & qualified professionals work in an environment where chan geis the only constant.

Powered by the desire to create path -breaking practices and held together by values, work in this people
intensive industry is driven by softer issues. In our world, making a difference to Customers' lives
is a Pa ion and performance is the key that makes it possible. Out of the Box thinking has become a way
of life at Pantaloon and living with thech ange.a habit.

Leadership is a value that is followed by one and all at Pantaloon. Leadership is the quality that
motivatesus to never stop learning, stretching to reach the next challenge. knowing that we will be
rewlltded along the way.In the quest of creating an Indian mod el of retailing, Pantaloon has taken
initiatives to launch man)'retail fomrnts that have come headed for serve as a benchmark in the
industr)'.Believing in leadership has given us theoptimism to change and be successful at it. Wedo not
predict the future, but createit.

Al Pantaloon you 11 11 get an opportunity to handle multiple re. ponsibilities, and therein, tl1e grooming
to play a larger role in the future.Work is a unique mix of preservi ng our core India n values and yet
providing customers with a service, on par with intcmational standan:l s.

At Pantaloon you 11 11 work with someof the brightest people from different sphere. of industry. We
believe it's a place where you can live your dreams and pursue a career that reflects your skills and
passions.

New discoveries in retail

In the fu1ancial year 2006-07, the company's retail businecs discovered new categories across fom1ats.
new sets of consumers and fresher and contemporary merchandise.We have been able to offer more in the
e.tablished bu sinesses and gain favourable acceptance with new concept .In
addition. concerted expansion plan s saw retail space increase to over 5.2 million square feet at

the end of 2006-07. This expansion mode was characterize d by a t:wopronged approach. By
dominating the citie. the company was already present in and by bringing the benefitsof modern
[
retail 10 towns and cities like Mangalore, Palakkad. Surat, Indore. Kanpur, Haldia. Agra,
Coimbatore, Jaipur and Panipat. The company has also undertaken significant private label initiatives
in food, in general merchandise and in the consumer du rables and electronie.
categories.Strategic alliances have also been forged with established domestic and international
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brands. However, the most significant development was the in ternal realignmen t the company
undertook within each of its retail businesses.To embark on a more detailed approach towards
value creation and increasing efficiency. the company reviewed its business operations and
adopted a more focused approach by creating an integrated support unit or Line of Business.
Augmenting the retail front-end team, Lineof Business (LoB) units have been
created in the three most critical businesses -food, fashion and general merchandise. formed
duringthe second half of 2006-07 these business units focus on introducing optimum operational
efficiencies.Thus, these units ensure that back ·end measures are appropriately taken care of
and the right kind of merchandise reaches the store. in the best possible time, at the right price.
The.i;e teams focu s on product consolidation and suitabil ity, margin improvement, and vendor
rationalization, thereby ensuring that the sourcing benefits are made available to the front ·end
team.The company's efforts over the next cou ple of yt 1rs would entail a combination of
expansion and proce. upgradaiion and implemen tation.
111e emphasis will be on the next discoverie. to be made in the retail space that 1111 lead to
expansion. At the same time, there will be an increased focus on micro detailing aspects
including process, product and operational efficiencies thereby contributing positively to tl1c
company"s bouom-line.

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ll wa. 1he firs1Pan tqloons s1ore in Kolkam 1hm se1 off a chain of discoveries
1ha1 have led us 10 where we are 1oday. Ten years ln1er. we have launched
our largest Panialoons store in Kank urgachi in Kolkma. Spread across 85.000
squ are feel. the s1ore is !he first am ong a series of large fom1at stores that will
be launched across the nation. After consolidating its Fresh Fa. hion
positioning. Pan taloons embarked on a major expansion during the year 2006-
07. I n 8 cities.I I Pantaloons stores were opened with 7 of them opening in the
single month of March 2007. The
total count of Pamaloons stores as on 30th June 2007 stood at 31 " th the total area under
retail
close co I million square feel. In orderto maintain lhe cop of the mind
association wilh fashion in Ind ia, Pantaloons con tinued co be lhe title spo11sor
for lhe Femin a Miss India 2007 pageanc. In addition, Bipasha Ba.su and Zayed
Khan were roped in as brand ambassadors in lhe month of Augus1 2006. The
success of 1his in ilia1ive wa.s evidcn1 in 1he increased sales for 1hc 'Haldi
Gulal' range as "'e.11 as the ·svaya111 Utsav• sun1n1cr colleclion lhal ''ere
endorsed by Bipas:ha and Zayed. The priva1e label apparel share during 1he
year was in excess of 70 percent. The year aJS<) witnessed categories like
Wimer-wear and Ethnic Ladies-wear S1reng1hcning their presence in the
siores.111e increasi ng sucee.ss of 1hc store brand is evident from 1hc fac t thai
the s1orc's loyally programme. Green Card. added 200.000 new members.

Pantaloons will see a significant expansion during the coming year "'th an increase of
nearly
0.50 million square feet of reiail space and an addition of about 15 stores.
Panmloons will look al dominating cities where it ha.s a first entrrull
advaniageand will scale upsizeably wilh larger store.s, additional ca1egories
and retail formats. The year 2007-08 will " lllcss considerable focus in !he
North and Ea.s1 regions. Delh i and the NCR area along with Punjab,
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Chandigarh and
Lud hiana will see the next siage of expansion. Cicie.s like Ranchi, Guwahati
and Siliguri in the East l'Oll also discover Fresh Fashion.
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discovering more value

In 2006-2007. more I ndians discovered the value of shopping in Big Bazaar. And with the
launch of each sLore.'"e discovered n1ore value in lem1s of operaLional efficienC)'. Big Baazaar
launched 27 new stores i n 22 citie.s. covering over 1.40 million square feet. As of June 2007.
there were 56 Big Ba1.aar stores acros.< 43 citie.s. While Big Bazaar continu ed t o expand in the
large cities. it also tapped corl surl'lptio1\ polen tiat in s1naller cities like A gro. Allah ;\bad,
Coirnbatore, Surat, Panipat, Palakkad , Kanpur an d olhapur.
Tile year under review also witnessed rea ligning of bu siness tean1s \Vith shared
experience in ct1tcgory 111anagc1ucnl. sourcing, front ..cnd operations and businc. s planning. ln
addition. separate 1ean1s have been fom1ed to look into all aspects of new store launches and to
managen1ature st ores. This provides niore flexibility and focus in expansion plans.

TI'le ir'letease irl SKUs in existi1'lg categories arld the introdu ction of new categorie. e11couraged
the openi11g of larger stores or Super Centres, n1easuring 100,000 square feet or 1nore. There arc
nov.1 5 Big Bazaar Super Centres. Considering Lhis scale of expansion, techn ology plays a
significant facilitating role. The inlroduction of SAP in 2005 06 and its roll out during the year,
posiLlvely i1npactcd lhe b usiness.
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Big Bazaar has initiated the process of Auto Replenis hment Systems, thus improving operationa
l efficiencies and productiv ity. The compan y has also rationalized nearly 250 vendors through
better vendor management in terms of potential to expand. and for inc.lusion and upgradation
to the online B2B platfom1. The compan y plans to open over 60 store. across India in FY 2008.
and the opening of the I OOth Big Bazaru- store will mark the fasic.stever expansion by a h
ypermarket formal.

FOOD BAZ.A.. A.R.

discovering the new consumer

Basc.d on the company's in-hou se consumer data and research, and in cognizance with
observations on cus1on1er n1011cmen1.s and the shopping convenience factor, Food Bazaar has
initiated certain rcfurbishme ms and layout de.sign across all siores. The intcmion is to
continuously change with the time.s and demands of the evolving I ndian consumer.
Food Bazaar also witnessed healthy expansion during the year 2006-07. making its presence felt
in nearly 26 cities and adding 40 stores during the year under review. The total count of Food
Bazaars as on 30th J une 2007 stood at 86 stores. The year under review witnessc.d the company's
private label programme gaining significam traction. The brands have been very competitive vis-
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-vis the esiablished brands in quality and price temis. and have in fact scored
better than national or international players in certain categories.
111e share of private labels as a percentage of total Food Bazaar revenues has increased
significantly and comprise nearly 50 merchandise categories.
While Fresh & Pure brand entered categories like cheese slices, frozen peas, honey, packaged
drin king water and packaged tea, the Tasty Treat brand received a very favorable response in
new categories like namkee ns and wafers. In the home care category. Caremate launched
aluminum foil and baby diapers while Qeanmate launched detergent bars and scru bbers.
A new formal ·BB Whok ale Club' was launched and 4 su ch stores have been openc.d so
far. Tobe managed by Food Bazaar from the ensuing financial year. this format sells only multi-
pack s and bulk pack- of a select range of fast moving categories and caters to price sensitive
customers and smaller retailers.
111e company has also forged tie-ups with established companies tike ITC. Ad anis, DCM Grou p.
USAID and other farm groups in l\1aharashtra and Madhya Pradesh tosource directly from them.
111ese alliances are expected to drive efficiencies as well as bring better products 10 consumers.
By the end of FY 07-08. the total num ber of Food Bazaar stores is expected to be 200.

Future ideas
Discoveri 11g 11ew opportu11ities

Future Ideas is the I nnovation. Design & Incubat ion cell within Pamaloon Retail that
stems from the core proposition • 'Protecting and preserving the soul of a small
business or enterprise within a largeorganisation.' Future Ideas deals with th e whole
aspect of idea creation, scenario planning
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act ivit ies. a lternate approaches to an issue. providing varied outcomes and solutions lo a problem
and handholding the activity till its success parameters are satisfied .
A unique initiative in corporate India, Future Ideas rests on a tripod that can
be classified as lnnovmion driven. Design Management approach and an Incubation chamber.
each with its own uniqueness, yet "1th common objectives. The Design Managemen t teani looks
at each observation made by the Innovation team, and brainstonns by using a collaborative and
holistic approach. The re. ultant idea. are then nurtured "'ithin the lncub:uion cell. The Incubation

team comprises of business tean1s, men tored by the Innovation and Design teams. They are
people who are released from their original businesses or concepts and m ade part of th e entire
ideation pnlCe. s at Future Idea. . They re111ain at Future Idea. till project co1npletion stage when the

success parameters for ru nning the busine. sare met.

Future Ideas draws inspi ration for most of its activ ities and projec ts.keeping in m ind the new
genre of aspirational Indians.AL an y point of Lime Puture Idea. would work on about 20 varied
projects within the Futu re Group.
Some of the fomrnL that are now being incubated by this team include Topl O, Depot. Star &
Sitara and Talwalkars' Fit & Active. The team is also working on ideas around small format no-
frills stores.n1ral retailing. fashion for the masses and on projects involving women and self-help
groups.

Discovering new segments

DepoL in many cities. is the first modem retailer in books and music and the

response has been overwhelming. The core differentiators of Depot are its
youn g. colorful and vibrant stores, strong regional range, affordability and
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a private label publishing prograni - Depot Exclusives. In its first year of
operat ion , Depot has launched 6 stand-alone stores and 50 cut-i11s. Along
with its expansion in major cities,Depot del>uted in smaller towns like
Rajkot, Vadodara, Haldia, Thrissu r, Palakkad and Tiruvanantha ram.
1l1e Depot Exclu sives (released solely in Depot) cmalogue expan ded rapidly
with over 100 titles a.:ross genres like children's boo ks.cookery. regional
literature etc. Reputed au thors/ im prints like Nita Mehta and Sanjeev
Kapoor in cookery, Disney in child ren's books etc.. have been associated
with the company. Depot has also tied-up with the UK based publisher of
children's books, Small World, to co-publ ish a series of toddlers' interactive
books. I n FY 2007- 08, the total Depot footprint should cross over I 00 stores.
The Health. Beaury & Wellness business opened 35 new outlets in the beauty prod
ucLs. services
and holistic health care fonn ats M ultiple formats operate in this segment.
includ ing Tu lsi. the pharmacy chain and Star & Sitara, the beauty products
cut-ins and Star & Sitara Salons.The largest fomiat, Beaut y Free offers
unique combination of products, services and holistic health offerings.
To capture the increasing consumption spend on wellness and preventive
health care, the joi nt venture between Pantaloon Retail (I) Limited and Talwa
lkar Bener Value Fitness opened its first 'T'11walkars Fit & Active' health
cen lrc at Orchid City Centre. M umbai in April 2007. Spread over 5.200
square feel it is th e coun1ry's first h ealth centre to offer health. fitness
and gym services "'ithin a 1nodem relail and consun1ption environn1cnt.
The venture is also looking at innovative value added offerings in the fitness space
as well as
developing a Spa model for the Fit & Active brand across the country, by
increasing its presence to nearly 50 such centers in the near future.
Human Resources
Discovering
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rpot.com diversit y

Thecompany strongly bel ieves that itssustainable competith•e advantage lies

in the values that it cherishes, the culture that it imbibes and spirit of
enterprise that resides within the organization. Talent managemen t therefore
con tinues to be the core focus for the company. Considering the
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multiple bu sinesses and rapid expansion expeeled across the business.the

company saw merit in taking a fresh guan:I lo the way in which business
would run in order lo meet the n ext leg of expansions.
During the year 2006-07, the company conducted an extensive review of in-
house talent
management, which involved mapping every managerial position in the
organization for their skill secs.competence and anituclinal aspects as well as
rnking an inven 1ory check of 1he exisii ng talent base and addressing tl1eir
developmem needs. Development Centres were created " tl1in- house
assessors. which further aided in identif)ing potential resources and helped
chalk out post assessment development plans.
Omtinuing with its policy of strategic alliances, the compan y is collaborating on joi n t degree
programs \\ th 15 management schools, design in stitutes and institutes of higher learning in areas
like food busine. s. supply chain n1anagcn1cn1. de§ign experie nce n1anngen1cnt etc. 1"his 'Seekho'
programm e for external and i nternal candidates has ensured a Steady stream of mid level. well
trained retail professionals every year.
1becompany's ·Gun1k oor programme provid t-s the fron t-end employees an
opportunity to
imbibe 1he company's values and a sense of ownership to the company.The
company has also created an Employee Gro\\1h Trust Fu nd tha1was lau
nched during the last financial year for die senior 1nan agen1ent.
Equal Opportunity

TI1e company believes lh al in order lo build a sustainable bu siness environ

ment. the composition of its talent base needs to reflect the diversity that
exisis in ou r country and among its customers. Therefore the company
ensures that tl1e proportional representation of different commun ities in the
Indian popu lation is mirrored in iL employee profile.The majority of
employees in the company come from socially and economically
marginalized sections of the socicry. Close to 46% of the employee. in the
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organization are women and the average age with in the organization is 27
years.
TI1e effectiveness of its talent management initiatives is retlected in the fact
that the an nual rate of attrition is 8.12%, much below induslr}' levels. The
company plans to strengthen its employee platform 10 about 30,000 people
by FY 08, from nearly 18,000 people as on FY 07.
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Human Resource Initiatives

Pantaloon Retail believe. that one of its sustainable competitive advantages
will continue to be the people who arc part of the organization. Being in
service industry. the Company places a 101 of focus is placed on attracting. cruining.
incentivising and retaining talent. The vion is "To provide an environment that creme.
happy people who have a meanin gful life and add value to business and
society." With over I 8000 employee. m an average age of 27 years. the
Company prides itself on being a young and energetic organization. driven
th rough the 'The P mt"loon Pco11lc la nagcmcnt S)\lcm '.This is
built on 5 pillars of people based growth. namely - Culture Building.
Perfomianec Management through Balanced Scorecard, People
Processes. Management Processe. and Leadership Brilliance. Training
A competent Learning & Developmem Team is responsible for training
employees at all the levels across the countr y, focusing on primary and
secondary research into various aspects of retail and assessment of trai11i
ng needs across Knowledge, Skills & Anitude area . The emphasis is on
creating product and process kn owledge through well defined programs
like Pra arambh and Parikrama. For the critical front line staff, the
Company's unique outbound re. idcntial training program Gurukool
focuses on integrating the mind, body and sou l and brings about
measurable attitudinal and behavioral changes.

The program has covered nearly 4,500 employees. The S:\OLE in itiati ve
for training of new Store Manager's ha. been created and disseminated to
over I 00 store managers by this team

Future Group Manifesto

PrfN «1rfor111bt1.blogspot.c.0111

"Future.. - the word v.1hich signifies opli1nis1n. grov.'lh. a.chieve1nent. strength. benury. rewards
and perfection . Fu tu re encourages us to explore area. yet unexplored. write rule. )'Cl unwritten:
create new opportunities and new successe. . To strive for a glorious future brings to us our
strength. our ability to learn. unlearn a nd re-learn. our abi l ity toevolve.

We.in Futu re Group.wi ll not wail forthe Future to unfold itself but create
future scenarios in the t-onsu mer spa t-e and facilitate consumption beca.use
consumption is development. Thereby. we will effect socio-economic
development for our customers. employee. . shareholders.
a. sociates and partn ers.
PrfN «1rfor111bt1.blogspot.c.0111

Our customers will not just get what the)' need, but also get them
whe re, how and when they need.
We will not just post satisfactory results. we wiU writesuccess stories.
\Ve will not just operate efficiently in the [ndian econon1y. we will evolve it.

We will not just spot trends. we will set trends l>y marrying our u
nderstanding of the Indian
consun1er to their needs of tornorr0\\1,

It is this understanding that has helped us succeed . A nd it is this that

will help u s succeed in the
Future. \Ve shall keep relearni ng. And in this process, dojust one thing.

Rewrite Rules. Retain Value.s.