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Reliance Mart steps up realty deals


Reliance Mart steps up realty deals

Last updated: August 14 2007
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  • Reliance Mart steps up realty deals

    Reliance Mart, the hypermarket arm of Reliance Retail, is teeing off its plans to set up mega retail stores by sewing up real estate deals at a furious pace.

    Market sources said the company, over the last six months, had inked acquisition deals for over 50 million sq ft via franchise as well as direct routes. Reliance Mart has set a target of a 100 million sq ft by 2011 to develop its hypermarket business.

    Reliance Mart’s first hypermarket will open in Ahmedabad on soon and the second and third hypermarkets will open in Jamnagar, Gujarat, and Gurgaon, Haryana, next month.

    The hypermarkets in Jamnagar and Gurgaon would cover areas ranging between 1,65,000-2,00,000 sq ft. “At least 40 per cent of the hypermarket floor space will be earmarked for garment brands and the rest to stock home goods, electronics, white goods, footwear and food products” .

    The sources said the company had provisioned to open one or two new stores every month during this financial year. The hypermarkets will offer a range of digital, food and lifestyle products.

    Reliance Mart is a part of the Reliance group’s $5.5-billion retail initiative, targeting revenues of $23 billion by March 2011. Reliance Retail has opened more than 200 neighbourhood and convenience stores under the Reliance Fresh chain since last October.
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