Reliance Retail, a subsidiary of Mukesh Ambani run Reliance Industries Limited (RIL), plans to roll out multiple cash-and-carry format stores for wholesale business across the country, after getting an encouraging response from the first such store launched in the city of Ahmedabad. With this initiative, Reliance Retail hopes to offer numerous national and international brands to small traders across the country and, at the same time, propel the growth of its consumer-focused business in the coming years.
Eyeing multilateral growth in its retail processes, Reliance Retail has put in place a new management team to steer the course of next phase of growth for the retail subsidiary. It has roped in top executives from Wal-Mart China, Rob Cissell and Shawn Gray to take over as chief executive officer (CEO) and chief operating officer (COO) of the Reliance Retail business respectively. Their principle role will be to turn around the retail business of Mukesh Ambani led subsidiary and make it profitable within the next two years. Major focus will be put on FMCG, consumer electronics and durables business and more significantly on the cash-and-carry segment. The cash-and-carry segment in India is a relatively small fraction of modern trade and there is a huge opportunity for the cash-and-carry model to grow in the Indian organized retail sector.
Reliance Retail has been the aggressively pursuing major changes in its business structure. Mukesh Ambani, addressing his shareholders at the 37th AGM 2011, stated that the next phase of growth for RIL will be derived from its subsidiary businesses, especially retail, telecom and financial services. Asserting that Reliance Retail has already become the largest food retailer in India, Mukesh Ambani noted that all the specialty formats of Reliance Retail will attain top positions in their respective segments in next two years.
Reliance Retail is expecting to see its same-store sales increase by almost 20 per cent in the FY 2011. This anticipation is riding on the back of steady consumer spending over the last year; negating any adverse affects that can be rendered as result of present economic conditions.
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