MAM
Lifestyle wins ICICI ‘retailer of the year’ award
NEW DELHI: The 1st ICICI Bank Retail Excellence awards
2005, with 21 award categories, extended the ‘retailer of the year’ award to Lifestyle, whereas BS Nagesh of Shoppers’ Stop was awarded with the ‘retail professional of the year’ title.
The ‘mall of the year’ award went to Inorbit, and Reliance Webworld was bestowed with the ‘fastest growing retailer of the year’ and ‘launch of the year’ awards.
The ‘retailer of the year’ award was handed over to the Lifestyle team by ICICI bank MD & CEO KV Kamath yesterday at a function coinciding with the KSA Retail Summit here.
The awards were instituted along with India’s leading consultancy firm in the retail segment, KSA Technopak, as the knowledge partner.
The first ICICI Bank Retail Excellence awards 2005 honoured not only the top retailers and retail professionals, but also recognized innovations and best in class operations in the industry.
Among the new award categories included for the first time in the country were ‘loyalty program ‘, ‘global operations’, ‘fastest growing retailer’, ‘forecourt retailer’, ‘luxury retailer’, ‘e-retailer’, ‘exclusive brand retailer’, and ‘home and lifestyle retailer’.
Interestingly, for the first time in India, direct consumer feedback
was taken at retail stores for the short-listed entries of the first ICICI Bank Retail Excellence awards, before being presented for the final evaluation to a jury.
“Retailing in India has seen a paradigm shift with a focus on providing better, efficient, faster and economical services to the customers. These awards provide a platform to recognize retailers who are consistently seeking to innovate to satisfy and retain customers, while increasing profits at the same time,” said V Vaidyanathan, senior GM & head of retail business, ICICI Bank.
The selection and evaluation process of the awards had three phases. In phase I, entries were invited from retailers who had to provide detailed information on retail presence, merchandise on offer, total sales at MRP, net profit, total operating costs, average footfalls, loyalty club membership, and other details specific to each category.
Based on the evaluation of these forms, 5 nominees were short-listed
for each award category.
In phase II, direct feedback was taken from 50 consumers at the stores of each of the short-listed nominees. For the ‘mall of the year’ award category, opinions of five different brands present in the Mall were also taken.
In phase III, the results from the evaluation and consumer research were presented to a jury for final evaluation of the winners for each award category.
“Although organized retail is expanding rapidly across India, it needs
to factor in the changing dynamics of consumer buying behaviour very sensitively at every stage. After all, the best and most successful
retailers are those who can keep the consumer coming back. Our
evaluation of the awards has, consequently, focused on consumer
satisfaction and retention,” explained KSA Technopak Indian chairman Arvind Singhal.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
