‘We have invested over $10 bn in Reliance Retail in past two years’: Isha Ambani at Reliance AGM 2023

Reliance Retail, the retail arm of Reliance Industries, crossed the milestone of 100 crore transactions in FY23, up 42 per cent year-on-year. The company's registered customer base reached 249 million, and it added 3,300 new stores, taking the total count to 18,040 stores with a total area of 65.6 million square feet, Mukesh Ambani, Chairman and MD of Reliance Industries, said at the company's Annual General Meeting(AGM) on Monday.

The company's digital commerce and new commerce businesses contributed nearly Rs 50,000 crore, accounting for about a fifth of our revenues. “We have invested over $10 billion in the past two years, focusing on building integration, growing in-house brands, and improving supply chain networks," Isha Ambani said.

Isha Ambani added that FY23 has been a landmark year for the Retail Business.

“We opened over 3,300 new stores last year, taking the total count to 18,040 stores, covering 6.56 crore sq. ft of retail space. Two-thirds of these stores are in Tier II, Tier III cities and smaller towns, a testament to our commitment of making retail inclusive."

The company is also investing in the backend warehousing and logistics assets of its retail business.

The strong growth of Reliance Retail is a reflection of the growing popularity of e-commerce and online shopping in India. The company is also benefiting from the expansion of its physical store network into Tier 2 and 3 markets.

“We are delivering value to over 30 per cent of India’s addressable population. All this has made Reliance Retail rank among the top-10 most visited retailers in the world," she added.

She added that Retail Business is built on the principle of 4Cs – Collaboration, Consumer Engagement, Creativity, and Care.

Reliance Retail caters to more than 90 per cent daily needs of Indian households. “In our grocery business, we sold over 18 lakh metric tonnes of groceries during the year. In our consumer electronics business, we sold nearly 5 lakh laptops and over 23 lakh appliances during the year. In our Fashion & Lifestyle business, we sold a record-breaking 50 crore garments in the year,” Isha Ambani said.

The company recently announced the launch of its youth-focused fashion retail format, Yousta, with the opening of its first store in Hyderabad’s Sarath City Mall. This will be targeted at consumers in the age group of 15-25 years at affordable prices.

Also Read: Reliance AGM: New Jio SmartHome services launched; sale of AirFiber to start from September 19