DMart is prioritizing aggressive store expansion, adding 15-20% annually, which CLSA reports will delay short-term cash flow generation, a common strategy for growing retailers. While near-term free cash flow may be negative, global examples like Walmart suggest future positive cash flow as expansion stabilizes. DMart is also expanding private-label brands to compete. The report notes JioMart and Blinkit led weekly active user growth, while quick commerce is expected to remain under 20% of urban consumption by 2035, supporting physical stores.