Q1. Could you start by giving us a brief overview of your professional journey, particularly focusing on your expertise in retail operations, strategic planning, and scaling large-format stores across India?

If I look back at my career, my expertise has really been about building retail businesses from scratch and understanding the pulse of the market at a granular level—right down to which roads, high streets, and catchment areas are most promising, and how rental trends shift over time. When I was with Reliance Retail, I was part of the team that helped launch and scale the Trends business in the East and Northeast, which was essentially starting from a blank slate. I’ve always thrived in that builder’s mindset, not just at Reliance, but also when I moved to Lifestyle International. There, my role was to grow the business in East and Central India, taking the store count from just one or two up to 11 or 12 Lifestyle stores, along with a similar number of Home Centre stores. These weren’t small stores either—each was over 40,000 square feet, requiring a very different operational and strategic approach than smaller formats. 

Currently, I’m working on scaling up a department store chain that Reliance acquired from the erstwhile Future Group, focusing on stores of 100,000 square feet and up. Every business and brand presents its own nuances, and understanding how to adapt operations to different markets is key. In addition to these retail experiences, I spent six years at Shoppers Stop in a variety of roles and also worked with Tata Tea in FMCG for five to six years, which gave me a broader perspective on supply chain and consumer goods. So, my expertise doesn’t just cover retail operations and strategic planning—I’ve worked hands-on with everything from value and mid-premium to bridge-to-luxury formats, and I’ve seen what it takes to scale large-format stores across very different markets in India.

Q2. Across global retail, we’re seeing a shift from transactional models to experience-driven formats. How do you see Indian retailers adapting their store strategies to deliver value beyond just pricing and discounts?

When you look at Indian retail today, there’s a fascinating split—almost every retailer fits into one of three buckets: value, experiential, or premium/luxury. Let’s start with value. This segment is absolutely buzzing thanks to Gen Z consumers, who want the latest fashion at affordable prices. Brands like Zudio and Reliance Trends are constantly refreshing their collections, sometimes as often as every week, to make sure they’re delivering on both style and price. It’s not just about discounts; it’s about giving customers a reason to come back because they know there’s always something new and trendy at a price they can afford.

Then you have the experiential formats, which are where things get really interesting. Take Azorte from Reliance, for example—that’s a store that’s built around technology. You can walk in, do your own billing using RFID tags, and even step into a smart trial room that reads the products you’ve brought in, suggests what could pair well, and changes the lighting to show you a day or night look. For digital-native customers—Gen Z and even Gen Alpha—these experiences are magnetic. They’re used to tech, and now they expect it in their shopping journeys.

Lastly, premium and luxury retail in India is all about service and creating a sense of exclusivity. These customers aren’t worried about price; they come in for the experience, the way staff make them feel, and how the products are presented. Think of brands like Canali, Jimmy Choo, or Boss. For them, the real differentiator is how special you make the customer feel—it’s about personalized attention, the ambiance, and the whole journey of discovery inside the store.

So, across all these segments, the big shift is that it’s not just about bargains anymore. Retailers are investing in technology, service, and the overall experience to keep customers engaged and coming through the doors.

Q3. With Tier-2 and Tier-3 cities driving the next phase of retail growth in India, what operational or strategic challenges do you face when scaling into these markets compared to metros?

Expanding retail into what we call Tier-2 and Tier-3 cities—think Nashik, Nagpur, Durgapur, and Siliguri—brings its own set of opportunities and challenges, and these definitions can even vary from brand to brand. What’s considered Tier-2 for a Zudio or a Trends store might be Tier-3 for a Shoppers Stop or Lifestyle, so you always have to calibrate your strategy to the context. 

India is a young, highly aspirational country, and you can really see that energy in these cities. Historically, people from places like Kolhapur would travel all the way to Mumbai for their wedding shopping. Now, with the right infrastructure and the entry of strong retail brands, those same customers can get what they want locally. The market was always there—they had the disposable income and the aspiration—but the right kind of retail experience was missing.

Today, high streets are being revamped, and you see more organized retail moving into previously untapped towns. The biggest operational challenge is getting your supply chain to work in real time, making sure inventory is where it needs to be. But there are huge upsides: real estate is much more affordable, the workforce is young and eager, and incomes are rising, whether from industry, agriculture, or even new IT/ITES hubs in towns like Nashik and Nagpur. 

The growth rates tell the story—major brands like Lifestyle now get more than a third of their business from these markets, with growth over 20%, compared to under 10% in metros. Even brands like Zudio and Reliance are pushing into what you could call Tier-4 or even Tier-5 towns, places with populations under 100,000. Why? Because that’s where aspirations are growing, costs are lower, and there’s a fresh customer base waiting to be served.

Q4: You’ve emphasized data-driven decision-making in your leadership. How do you see AI and advanced analytics reshaping retail operations—whether in inventory optimization, demand forecasting, or customer insights?

Technology—especially AI and advanced analytics—is reshaping retail before our eyes. Take Reliance, for example. We’ve managed to bring the mind-to-market cycle down to around 30 days, which is incredible. In the past, you’d select fabric, design, and wait for months to see a style on the shelves. Now, AI tools help us design, forecast demand, and manage inventory so efficiently that we can refresh collections far more quickly.

It goes deeper than just speed. AI models help us understand what’s selling and what isn’t, right down to the catchment level. For instance, the white sneaker trend—two seasons ago, it was everywhere. Today, demand has dropped in metros, but in smaller cities, it might still have legs. AI lets us move away from the outdated one-size-fits-all approach, so we don’t ship the same assortment to Punjab and Pondicherry or Ankleshwar and Aizawl. Instead, we tailor depth and sizing to what each market actually wants.

Of course, with all this automation, some roles—especially in middle management or factory monitoring—are getting redefined. But the people on the sales floor, those delivering service and building relationships, remain irreplaceable. The human element is still critical, because even the best AI can’t replicate that connection.

Q5. Non-apparel categories are becoming major revenue drivers in organized retail. From your experience, what strategies help balance category expansion with maintaining profitability across diverse store formats?

Non-apparel categories have really exploded in Indian retail over the last five to seven years. Beauty is a standout—today, it’s going shoulder-to-shoulder with apparel in terms of contribution to the business. The buying behavior has changed, especially with Gen Z. They don’t just buy a shirt or a pair of trousers—they’re putting together a whole look, from hair and makeup to footwear, luggage, and wearables. For example, it’s common now for young professionals to have multiple suitcases, pairing luggage with their outfit, something that was unheard of in my father’s time.

The opportunities in non-apparel are huge, but there are hurdles—mainly around sourcing. Beauty products are typically manufactured in Europe due to temperature control requirements, luggage and footwear were historically imported from China, and even now, building domestic manufacturing capacity is a challenge. The key to profitability is investing in Indian infrastructure so we can make more of these products locally, bringing down costs and improving margins. Some categories, like cosmetics, have thin margins because of multi-layered distribution. If we want sustainable profitability, we have to streamline the supply chain and control costs at every step. The demand is there, but we need to back it up with the right manufacturing and sourcing strategy.

Q6. Supply chain resilience and ESG compliance are critical today. How are you integrating innovative supply chain practices and sustainability goals into the operational strategy of large-format stores?

Supply chain resilience and sustainability are front and center in modern retail. In large organizations like Reliance, the supply chain is integrated end-to-end. Instead of manufacturers dropping off goods at our hubs, our own supply chain teams pick up directly from the factory and distribute straight to stores. This cuts costs, but it also means we can focus on sustainability—using recyclable crates and plastics, reducing paper waste, and eliminating the need for disposable cartons that would just end up in the bin.

We’re also seeing a big shift to direct store deliveries from the manufacturer, which slashes lead times and reduces environmental impact. Backward integration—where we’re involved in every step from manufacturer to retail floor—makes the whole process more efficient. As the speed from design to store gets faster (sometimes just 30 days), the need for massive central hubs decreases, which is also more sustainable. All of these changes are now woven into the operational DNA of large-format retail.

Q7. If you were an investor evaluating companies in the organized retail sector, what critical questions would you pose to senior management to understand their competitive advantage, scalability, and operational excellence?

If I were sitting across the table as an investor, my first question would be: What problem are you really solving with this business? Is the product differentiated, or is it just another offering in a crowded market? I’d want to see that senior management has a clear vision and genuine passion for what they’re building—it can’t just be about chasing investment. The best teams are those who see a real gap and have a plan to address it with something unique, whether that’s in product, price, or customer experience.

Take a brand like Snitch—they’ve carved out a space between H&M, Zara, and the value players like Zudio and Max. Their differentiation comes from their product innovation, fabric choices, and pricing. As an investor, I’d want to know what’s truly different about your offering, what unmet customer needs you’re targeting, and how you plan to scale. For Gen Z-focused brands, the ability to keep fashion fresh, manage inventory smartly, and continuously adapt is critical. If you can’t stay relevant and keep your offering exciting, you’ll lose your audience. In retail, every month can be a new season, and agility is everything.