In the next 5 years our aim is to be amongst world‘s top 20 retailers: Mukesh Ambani

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According to the top executive, the retail business has grown phenomenally, registering a 7-fold increase in revenue and a 14-fold increase in profit in the last six years.

Over the course of the next five years, our aim is to be amongst the world’s top 20 retailers, said Mukesh Ambani, chairman and managing director of Reliance Industries, during the company’s 42nd Annual General Meeting held in Mumbai.

“Today, we are the only Indian retailer to be ranked in the Global 100 top retailers. And we continue to be the preferred partner for several international marquee brands in India,” Ambani said.

According to the top executive, the retail business has grown phenomenally, registering a 7-fold increase in revenue and a 14-fold increase in profit in the last six years.

“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.”

Over the last 5 years, the company has witnessed a 3-fold rise in per-store productivity. Reliance Retail claims to serve 1 lakh customers every hour, a feat no Indian retailer has been able to achieve. The company said it served 15 crore customers last year.

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,” said 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 said further.

As on 30th June 2019, Reliance Retail operates 10,644 retail stores in over 6,700 cities covering an area of over 23 million sq ft and 516 Petro retail outlets. Its retail outlets offer foods, groceries, apparel and footwear, lifestyle and home improvement products, electronic goods. 

Ambani said the company sells more phones, laptops, refrigerators, TVs, and ACs than any other retailer in the country. “We sold a TV every 24 seconds last year, and we sold a phone every 2 seconds. 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.”

Reliance Trends sold over four lakh garments every day last year. With the acquisition of Hamleys, Reliance Retail has transformed into a global retailer with a presence in 18 countries. 

“We are proud to own a global category leader in children’s premium toys that we can take to other parts of the world – and we will be the first Indian company to do so,” said Ambani

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