Reliance Retail aims to be among the world’s top 20 retailers over the next five years, Chairman and Managing Director Mukesh Ambani said at the 42nd annual general meeting in Mumbai.
“Today, Reliance Retail is the only Indian retailer to be ranked in the Global 100 top retailers. Reliance Retail is larger than all major retailers put together,” he said.
The retail business has grown phenomenally, registering a seven-fold increase in revenue and a 14-fold increase in profit in the last 6 six years, he said.
“Reliance Retail provides us with a hyper-growth platform, as the Indian consumer demands products and services which are at par with the best in the world. It is the best proxy for the consumption story of India. We achieved a significant milestone with our turnover crossing Rs 1,30,000 crore in the last year. We have achieved this milestone faster than any other retail company in the world. Our EBITDA margins are among the best globally.”
“We registered over 500 million footfalls last year, becoming India’s preferred shopping destination. We have expanded our footprint at a rate of 8 stores per day, opening a total of 3,000 new stores this year, higher than any other retailer globally,” he Ambani.
“Our spread of stores covers all corners of the country, with presence in nearly 7,000 towns and cities. Over 2/3rd of our 10,415 stores are in Tier II, Tier III and Tier IV towns. These towns are connected with a modern supply chain capable of delivering products from distribution centers spread across the country. The unique customer insights can be leveraged to grow into a much bigger business in the next five years,” he added.
Ambani said fashion brand Trends sold 4 lakh garments everyday.
“In grocery, we are India’s largest modern trade retailer. Reliance Retail sells nearly half of the fresh fruits and vegetables sold by the entire modern retail ecosystem in India. We sold more than 6.4 lakh tonnes of groceries during the year,” he said.