Reliance Retail has launched Reliance TimeOut store, the eighth format from its Retail stable. Below Biju Kurien, President Reliance Lifestyle at the opening of Reliance TimeOut store on Cunningham Road in Bangalore / Bengalooru.
Reliance TimeOut was setup at a cost of Rs 10 crore. This store will mainly stock books, music, toys, gifts etc. The book market is estimated to be worth Rs 3,900 crore while the stationary and gift market is expected to be Rs 5000 crore. Mr. Kurien said,
Indian fiction, self-help, academics and vernacular books and regional music is gaining importance in the country and we want to tap that segment.
Reliance will roll out two more TimeOut stores by March-2008, one in Delhi and the other in Kochi. Our retail analyst adds that Music market is fading away in favor of Internet and Mobile distribution medium and offline retailers may not see the light at the end of the day from this segment.