Wakefit Innovations Ltd is investing around ₹100 crore in each jumbo store as part of its strategy to make furniture its largest business segment within the next three years, the company said. The move aims to strengthen its omnichannel presence and accelerate growth in the home retail sector, co-founder and CEO Ankit Garg told livemint.com.
The company is focusing on expanding its manufacturing, supply chain, and installation capabilities to support the jumbo store format. These large-format stores will offer a wider range of furniture products, aiming to attract more customers and enhance the shopping experience. Garg highlighted that the investment in these stores is a key part of Wakefit's growth plan, signaling a shift toward offline retail alongside its digital channels.
Wakefit's push into jumbo stores comes amid rising competition in India's furniture market, which has seen increased demand for both online and offline home furnishing options. The company’s strategy reflects a broader trend where home retailers are investing in physical stores to complement e-commerce sales. This approach positions Wakefit to capture a larger share of the growing furniture market, which is expected to expand significantly over the coming years.
Wakefit’s plan to invest ₹100 crore per jumbo store and enhance its backend capabilities sets a clear target for FY29. The company aims to have furniture as its top business by then, marking a substantial shift in its revenue mix and retail strategy, according to livemint.com.