Reliance Retail to open 150 stores by March

Reliance Retail to open 150 stores by March

Kolkata: Reliance Retail Limited, a wholly-owned subsidiary of Reliance Industries, would open another 150 stores in all formats by March 2011, a top official said on Friday.

“We will open 100 to 150 stores by March," Reliance Retail president and chief executive (lifestyle) Bijou Kurien told reporters on the sidelines of Retail Summit here.

He said that so far, Reliance Retail has 1,050 stores in all formats in the country. “We will be setting up 350 stores during the whole fiscal," he said.

Kurien said that to meet the Rs45,000-crore revenue target over the next five-year, the number of stores would be more than doubled.

“Reliance Retail has 20 formats of stores both in food and non-food items," he said.

In the last fiscal, the company’s revenue stood at Rs4,500 crore.

Relating to Marks & Spencers, he said currently there are 21 such stores across the country. This would be increased to 50 in three years time.

He said Reliance Retail is also keen to expand its footprint in the Northeast and Bihar.