RIL to pull shutters on non-performing retail outlets

Reliance Industries (RIL) has plans to shut down non-profitable outlets belonging to its retail chain Reliance Retail. As on March 31, operated 2,621 stores across 200 cities, with 12.5 million sq. ft. space and saw its profits improve over two times and revenue increase by 21 percent.

Reliance Retail launched cash and carry outlets just four years ago but has already raced ahead of its rivals. It now operates 43 such outlets called Reliance Market stores. Set up seven years ago, US-based Walmart runs 20 stores and Germany’s Metro, which had started more than 10 years ago, operates 17 outlets.

Reliance is also the biggest in department stores. The 200 stores of Reliance Trends sell 1,50,000 garments per day, making it the largest fashion retailer in the country compared to Rahejas-owned Shoppers Stop, which runs about 75 stores and Aditya Birla owned Pantaloons that has more than 100 outlets. Its footwear chain, Reliance Footprint, operates 200 stores across 100 cities.

During the year, Reliance Retail increased its presence through partnerships with global brands, including Marks & Spencer, Grand Vision and Payless Shoesource, the release added.