The New Shop is a chain of 24-hour convenience retail stores that aims to become India’s most convenient store with its 24*7 service. The New Shop focuses on making modern retail more accessible to people. They have a goal to set up stores in every corner of the country to provide more accessibility to people.
Idea Behind ‘The New Shop’
The New Shop started back in March 2019, It was conceptualized by Aastha Almast and Charak Almast, brother and sister along with their mutual friend, Mani Dev Gyawali. The New Shop can be found in neighborhoods, bus stops, railway stations, metros, petrol pumps, and tourist spots across the country.
The best part about this startup is that they have everything a person needs under one roof. It makes life hassle-free and convenient, exactly what brings about success for them. The New Shop sells everything, such as groceries, snacks, beverages, dairy, confectioneries, ready-to-eat food, personal care, and hygiene-related products. When categorized, it falls under the retail technology sector.
The New Shop makes sure that they are close enough for people to cover it by walking. It is run and owned by Accelerate Productx Ventures Pvt. Ltd. Aastha Almast, a 35-year-old entrepreneur and the co-founder of The New Shop once said in an interview that
India is the youngest country and has the third-largest consumer market in the world. She also mentioned that the new modern India needs to have a standardized and hygienic retail service across the country at affordable prices at people’s convenience concerning time and place.
The 28-year-old Charak Almast, one of the founders of The New Shop said that they have sourced products for top FMCG retailers and direct selling companies such as Vestige, Amway, Patel Brothers, Bikanerwala, Haldiram, Costco, Sam’s Club, Qnet, etc.
This exposure and experience taught them about supply chain, product pricing, operations, and packaging work at some of the biggest retailers in the world. They also learned that the retail sector needs technology and business model innovation. That’s when they got the idea of setting up The New Shop.
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Success Story of The New Shop
The company has tested different size formats depending upon the location demographics – small, medium and large at seven different locations such as educational institutions, hostels, gyms, residential complexes, railway stations, hotels, offices.
By January 2020 they saw tremendous success and grew to over 100 stores of all sizes and also partnered with Indian Railways for expansion. This helped them to expand and develop their store in other areas such as petrol pumps, bus stops, and highways.
After a short period of success, the business had halted for some time but they are now back on track, witnessing the growth curve again. The New Shop is the trio’s third venture together. But when the pandemic had hit, they turned to e-commerce and kept fulfilling the needs of the people and made their business survive through the pandemic.
Charak, the co-founder, said that the switch to online stores with the help of their in-built technology gave them greater profits of about 10 times per store. At the same time, the company started working for 24 hours to meet and deliver the needs of the people during the lockdown period.
At present, The New Shop has 10 stores and is working with a team of 15 people. They expanded their store size to an area of about 800sq.ft in residential areas and 400sq.ft in transit points.