INDIA: Reliance Retail 9M sales climb
By Michelle Russell | 22 January 2013
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At the end of December, Reliance operated around 1,400 stores in 129 cities across India |
Reliance Industries said its retail arm, Reliance Retail, booked an increase in nine-month sales.
In the period to the end of December, turnover reached INR77.49bn (US$1.4bn), a 44% increase on the prior year period.
The retailer said it continued its store expansion across value and speciality formats in the period and experienced "strong" same store sales growth ranging from 10% to 25% across all formats over the last year.
At the end of December, Reliance operated around 1,400 stores in 129 cities across India. The retailer said it will be looking to "aggressively" roll out more Reliance Market stores in the following months.
Expert analysis
Grocery Retailers in India
Foreign Direct Investment in multi-brand retail, for years a hot topic, was capped at 51% in November 2011 and put on hold by the Indian Government in December 2011, after political parties opposing FDI in multi-brand retailing. In November 2011, when the government made a nod to FDI in multi-brand retailing, the Committee of Secretaries designed rules for players planning to enter multi brand retailing in India, such as at least 50% of the foreign investment should be devoted to the back-end...
Sectors: Financials, Retail
Companies: Reliance Retail
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