Forecast for F&B growth in India is phenomenal
Siddique Palollathil, MD, Nesto Hypermarket, talks about the brand promise that Nesto offers to its customers that sets it apart from the competition. He adds that India plays a major role in producing commodity products in different ranges, which fit every country’s requirements and it moves with trend.
IBT: What is Nesto Group’s current business size, number of outlets, key products, market presence and customers it caters to?
Siddique Palollathil: Nesto Hypermarket has evolved from having modest beginnings to being one of the most renowned names in the region’s retail industry. Currently, it has a chain of over 87 outlets across the UAE, KSA, Oman, Bahrain, Kuwait & India. It has established a strong presence not only across multiple countries in the GCC /India, but also in millions of hearts, in just a few years.
All the hypermarkets are located in prime locations across these regions, which will cater to high profile products for local and expatriate customers’. Nesto Hypermarket has set new benchmarks of accomplishment with its unique business strategy. The brand places an uncompromising emphasis on convenience, accessibility and providing top quality products at competitive prices to customers. It offers the widest range of quality products at greater value. It offers ‘a complete shopping experience under one roof’.
IBT: What is the brand promise that Nesto offers to its customers that sets it apart from the competition?
Siddique Palollathil: NESTO stands for ‘Nimble’, ‘Ethical’, ‘Sturdy’, ‘Trustworthy’ & ‘Optimistic’. To be the leading retail brand across the GCC countries and India, Nesto Hypermarket follows a 3D model – Duty, Development & Dedication – with exemplary leadership skills, synergy in processes & customer-centric approach that delivers profitability and growth in a sustainable manner to the stakeholders.
IBT: What are your expansion plans in terms of products, number of outlets and new markets?
Siddique Palollathil: Driven by the passion to extend our expertise to new horizons, we have set upon an ambitious expansion plan to open 100 outlets before 2022. We identify locations based on intensive research and local insights. We plan our product and service mix based on the demographics. Our unique blend of quality, value, choice and service is set to win over the hearts of customers beyond boundaries.
IBT: How are you seeing the F&B industry evolve in post-COVID times and keys to success for retail brands? What changes is it driving in customer purchase preferences and habits and how are you adapting your business strategy?
Siddique Palollathil: The F&B industry is now operating very differently than they did before. The pandemic has brought immense shifts in supply chains, imposed new hazard controls, and perhaps most importantly turned consumer preferences upside down, customer spending styles switched to savings and private label business booked its best time ever.
To accommodate these changes, we at Nesto stepped up to innovate and secure the continuity of their services. But now, as many industries begin to drop the notion of ever going back to what once was, it’s time we started thinking about how many of the newly introduced processes will stick around for the long run. Introduction and focus on e-commerce is the most prioritized one among all.
IBT: How do you see India as a sourcing hub at present for F&B products, and its potential in the future? Any particular products where you see untapped potential that can be explored?
Siddique Palollathil: India plays a major role in producing commodity products in different ranges which fits every country requirements and it moves with trend. The forecast for growth in this market is phenomenal. Forecasted high growth products include: Rice, pasta and noodles; Breakfast cereals; Ice cream and frozen desserts; Savory snacks, Dairy products, Edible oils, Baby food, processed meat and seafood; processed fruit and vegetables, spreads etc.
Originally published in Fresh – The Indusfood Chronicle. Fresh is the official magazine of Indusfood, the flagship annual F&B trade show organised by Trade Promotion Council of India.