Ahmedabad: Mukesh Ambani-promoted Reliance Retail on 14 August unveiled its first hypermarket here that will sell groceries to general merchandise at budget friendly prices, and announced setting up 500 such superstores across India by 2010.
The western-style retail facility ‘Reliance Mart’ - touted as India’s largest at over 165,000 sq ft - “will be better than the best in the market”, RIL President and CEO (Operations and Strategy) Raghu Pillai told reporters here.
“We would ensure that our products would be cheapest on the consumers wallet and would match the lowest price in the market with the best quality as benchmark,” he said.
The company is targeting a space of one million square feet for the hypermarket or 30 stores by December this year.
Pillai said the company is planning to set up 500 hypermarkets in 784 towns by 2010 and expects a top-line of Rs 1,000 per sq ft per year.
Reliance, which last year announced Rs 25,000 crore investment in its retail initiative, would be spending Rs 2,500-3,000 in developing each sq ft, an informed source said.
Reliance Mart would retail over 95,000 products ranging from full lines of groceries to garments and consumer durables to garden equipment.
Reliance Hypermarket CEO K. Radhakrishnan said six malls under the Reliance Mart brand would come up in the national capital, five each in Punjab and Andhra Pradesh, three in Gujarat and two in Bangalore.