American donut retailer Dunkin’ Donuts has said that India has the potential to become its third largest market in the next 15 years. The company has also revealed plans to open a whopping 500 stores in the country during this period.
According to Dunkin’ Donuts CEO Nigel Travis, the Indian market is set to become the third largest for the food retailer in terms of store count as well as revenue in the next 15 years. He further explained his confidence on the market and said in a statement that India has the fastest growing middle class and there is an affinity towards western products.
Presently Dunkin’ Donuts operates through its master franchisee Jubilant Foodworks Ltd and has recently opened its third store in New Delhi. The company has also announced plans to invest Rs 12 crore for the setting up of 10 Dunkin’ Donuts stores across the country and Mr Travis said that the brand has a specific strategy for the Indian market. He added that the objective is to get closer to the customer than anyone else and it had worked a lot with its Indian partner to localise the menu for the Indian palate.
Speaking of the reception in the Indian market, the Dunkin’ Donuts CEO said that the response from the three stores has been overwhelming so far and the confidence of the company on the market is quite high.
According to New Delhi based professor Aatreyee Ghosh, “Though donuts are a relatively new form of snack/dessert in India, the urban youth has quickly found an affinity towards the product. The Dunkin’ Donuts store is also a great place to hang out for youngsters.”
With the Indian market set to scale new heights, especially in terms of food retail, the ambitious expansion plans of the Dunkin’ Donuts franchisee seem to be timed well.