IndiaRetailBiz

Reliance Industries Limited, the Mukesh Ambani-led largest private sector company of the Reliance group, which owns retail vertical known as Reliance Retail Limited, announced its annual financial results for the year ended March 31, 2008, on 21st April, 2008.

While, the company announced overall net profit for the financial year 2007-08 leap frogging 63% to Rs 19,458 crore during the year, the company has refrained from divulging any financial information concerning its retail business in the announcement.

Reliance has, however, informed that Reliance Retail, the wholly owned subsidiary of the company, which launched its retail business on 3rd November, 2006 Hyderabad with the opening of a cluster of 11 neighbourhood, convenience, stores called Reliance ‘Fresh,’ has in the past 18 months grown into becoming a retail chain of over 590 stores. These stores spread over 57 cities, spanning 13 states, across the country, are currently operating 12 ‘general’ and ’speciality’ retail formats. According to the media release, they occupy over 3.5 million square feet of trading space.

Reliance Retail’s performance could, however, have been much more impressive, if in the face of political backlash, the retailer had not been forced to roll back its expansion plans in several states across the country. Reliance, it may be recalled, has been facing strident, and some times violent resistance, from political activists, small traders and state administrations in the states like Uttar Pradesh, Kerala, West Bengal, Tamilnadu, Orissa, Madhya Pradesh, and Jharkhand, among others.

Reliance Retail during the period has also entered into two joint ventures, with Pearle Europe - a Neatherland-based leading European optical retailer and with Marks & Spencer, a UK-based iconic retailer of apparel, homeware, food and grocery.

Reliance’s retail business is currently operated through 12 distinct store formats.

While the four general merchandise formats are: Reliance ‘Fresh’ – a neighbourhood convenience concept, Reliance ‘Delight’ - a non-vegetarian food concept, Reliance ‘Mart’ - a Hyper Market concept, Reliance ‘Super’- a Minimart concept, the eight ’speciality’ products concepts include: The Reliance ‘Digital’ – a Consumer Durables and IT concept, Reliance ‘Trends’ - an apparel concept, Reliance ‘Wellness’ – a health, wellness & beauty concept, Reliance ‘iStore’- an Apple store concept, Reliance ‘Footprint’ -a footwear concept, Reliance ‘Jewels’ – a jewellery concept, Reliance ‘Time-Out’ - a books, music & entertainment concept, and Reliance ‘AutoZone’ – an automotive specialty concept.

Reliance Retail has also launched an across the formats loyalty programme for customers called Reliance ‘One,’ which as on date boasts of over 3 million loyal customers.