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M<br />
FOUNDATION<br />
Exhibit 5:<br />
Snapshot of physical retailers in India<br />
Stores<br />
Grocery (Food+HPC)<br />
Omni-channel<br />
presence<br />
Revenue (F18)<br />
Retail area<br />
(mn sq ft)<br />
Future Retail 285 Big Bazaar 40% of revenue Via prime now Rs177bn 13.5<br />
666 Easyday<br />
D-Mart 155 72% of revenue Dmart-Ready Rs150bn 4.9<br />
Reliance Retail 117 Reliance Smart 30% of retail* revenues Ajio Rs117bn N/A<br />
406 Reliance Fresh Reliancesmart<br />
More 20 large format 66%** of revenue mymorestore Rs44bn 2<br />
523 small format<br />
Spencer’s 58 large format 79% of revenue spencers Rs21bn 1.2<br />
70 small format<br />
Source: Company Data, media sources, Morgan Stanley Research Note: N/A Not available; * - We exclude revenues from connectivity and Petro Retail<br />
for Reliance retail revenues; ** - Avenue Supermarts DRHP - data for F16<br />
Exhibit 6:<br />
Big Bazaar (Future Group) stores in top<br />
15 cities<br />
Key Cities Number of stores<br />
Hyderabad 26<br />
NCR 25<br />
MMR 24<br />
Bengaluru 20<br />
Kolkata 15<br />
Chennai 8<br />
Pune 7<br />
Ahmedabad 5<br />
Lucknow 5<br />
Jaipur 4<br />
Nagpur 4<br />
Kanpur 3<br />
Kochi 3<br />
Patna 3<br />
Indore 2<br />
Source: Company Data<br />
Total addressable market for<br />
store-based retailing to increase<br />
>2x in the next five years...<br />
We forecast revenues for store-based retailing to rise<br />
from ~US$84bn in F2018 to ~US$177bn in F2023,<br />
implying a CAGR of 16%. The contribution of storebased<br />
retail is likely to rise across all categories,<br />
except electronics, where we expect a meaningful<br />
channel shift in favor of eCommerce. Excluding electronics,<br />
store-based retail revenues in India are likely<br />
to increase 2.5x between F18 and F23, implying a<br />
CAGR of 20%.<br />
Exhibit 7:<br />
We expect the addressable market for store-based retailing in India to increase >2x by<br />
F2023<br />
Store -based retail market size ($bn) F2018 F2023e CAGR (%)<br />
Grocery 10.7 28.7 22%<br />
Apparel and footwear 17.9 43.2 19%<br />
Electronics 34.8 53.9 9%<br />
Optical goods 0.5 1.3 23%<br />
Home 3.5 8.9 21%<br />
Jewellery and watches 11.9 29.8 20%<br />
Others (Luggage, Sports goods, Books etc) 4.4 10.8 19%<br />
Total (ex electronics) 48.9 122.7 20%<br />
Total 83.6 176.6 16%<br />
Source: Euromonitor, Morgan Stanley Research<br />
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