Reliance Retail’s lifestyle biz on expansion mode

Nov 21, 2009

Reliance Retail has said its lifestyle business is on an expansion drive, fuelled by good sales, especially in the last six months. It will invest Rs 150 crore on expanding the ‘Reliance Timeout’ and ‘Reliance Jewels’ retail chains, reports Business Line.

“In the last six months, like-to-like same-store growth in the lifestyle business has been 22 per cent compared with last year. With the slowdown, properties have become cheaper – landlords are more keen on striking deals. Expanding store is much easier,” quoted Bijou Kurien, president and chief executive, Lifestyle, Reliance Retail, in the report.

According to the report, the lifestyle division plans to double the store count of ‘Timeout’ (which sells books, music, stationery, toys and gifts) by the end of March from six stores currently.

The jewellery retail chain Reliance Jewels will also see its network expand from 14 stores to 24 by March-end. Jewellery stores will be set up mostly in Mumbai, Delhi and Andhra Pradesh. The company plans to invest Rs 150 crore on the above store expansion plans, said Kurien.

Reliance Retail entered the branded jewellery business in 2007 with the launch of the first Reliance Jewels showroom in Bangalore. The same year, the first Timeout store was also opened -- again in Bangalore.

Other formats under the Reliance Retail umbrella include Reliance Digital, Reliance Trendz and Reliance Footprint, the report said.