Indian retailer Future Group has scaled down its retail expansion plans by almost half during the next fiscal year, according to local media reports.

The retail major will add 2.5m sq ft of retail space in the financial year beginning 1 July, instead of the 4m sq ft it had originally planned.

The company says its change of plans is due to the ongoing market slump.

The Future group operates more than 1,000 stores across India through its flagship company Pantaloon Retail.

Nameplates include the Pantaloons fashion outlets, Big Bazaar hypermarkets, and Food Bazaar supermarkets.