Reliance to lock horns with Walmart
Local retailer Reliance Retail is standing in the way of American retailer Walmart, seeking to grow business in India.
Reliance is set to open around 100 cash-and-carry stores over the next two years, while Walmart India CEO Krish Iyer said it would take the world’s largest retailer another six years to launch 50 Best Price stores.
A person close to Reliance Retail said: “Within two years of opening our first cash-and-carry store, we have become the largest wholesale cash-and-carry chain in the country and we plan to continue our current pace of growth. Our store expansion programme will cover top Indian cities by 2016.”
The Reliance Market stores will range between 10,000 sqft and 45,000 sqft, said a person familiar with the development.
To save on real estate costs, the company will adopt improvised methods to store goods vertically rather than horizontally. It will also focus on developing its own brands for all customer segments.
With new stores optimising space to save real estate, the company will target both, end-consumers and small businesses. This is similar to the business model followed by other international retailers in the country.
Reliance says it is aiming to take a large chunk of India’s retail sector valued at a staggering $450 billion.