Some formats of Reliance Retail have probably seen less footfall – it is to compare with last year since we didn’t have many formats. Even compared to what it used to be in April, May and June in October especially during Diwali season there is a slight decline.
Currently, Reliance Retail operates over 800 stores across more than 57 cities, occupying 3.8 million square feet. Over the last quarter alone, it added ~75 stores across various formats. The company is making the best use of downturn in Real Estate, it is actively looking at rationalizing costs on the real estate front, by closing outlets in areas of low returns, resizing stores, and renegotiating rent. Despite the slowdown, Reliance is going ahead with its expansion plans.
Indian Retailers have a learning curve ahead of them to figure out the business model that best suits growth and adaptability by the locals.