Reliance Retail has confirmed that it is looking at ways to reduce expenditure in response to the global economic crisis, with reports suggesting the Indian retailer plans to abandon its cash-and-carry operations.
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Following talks with international retailers, Reliance decided to establish its cash-and-carry venture independently, with around 15 locations planned. However, Indian reports have suggested that the company is now planning to ditch its drive into the wholesale market.
According to the Economic Times of India, company sources have indicated that the 36-member cash-and-carry team, headed by Harsh Bahadur, will be dissolved.
Bahadur joined Reliance in 2007, having previously spearheaded German retailer Metro Group’s cash-and-carry venture in India.
A spokesperson for the company declined to confirm that Reliance intended to exit the wholesale business.
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By GlobalDataHowever, the spokesperson acknowledged that the retailer is looking for ways to cut expenditure.
“Given the current economic situation, it is prudent to reduce outgoings and conserve cash reserves,” the spokesperson told just-food. “We are looking at various ways to do this.”
