Reliance Retail will grow by three times within the next five years even as it continues to remain the undisputed leader in the field of organised retail, namely in all categories – grocery, electronics and apparels, Reliance Industries Limited (RIL) chairman Mukesh Ambani told shareholders during the company’s 44th annual general meeting on Thursday.
He said that the company’s apparel business sold around five lakh units per day and more than 18 crore units during the year. Reliance Retail is on a hyper growth trajectory, Mr Ambani added.
“This is equivalent to dressing the entire population of UK, Germany and Spain once,” said Mr Ambani.
RIL also added 1,500 new stores taking its store count to 12,711 across the country during the past one year, he informed, describing it as one of the largest retail expansion undertaken during the period.
In consumer electronics, the company further consolidated its position and sold 4.5 crore units in the last one year, which comes to around 1,20,000 units on a daily basis, Mr Ambani said.
Reliance Retail also sold more than a billion units of groceries and JioMart recorded more than 6.5 lakh peak orders in a single day.
In the last one year, more than three lakh stakeholders or shopkeepers across 150 cities were empowered to transform their businesses both physically and digitally.
Mr Ambani said that RIL will be relying on five key initiatives to expand it retail business. First will be to further invest in research, design as well as product development capabilities.
Secondly, the company will work extensively with micro small and medium enterprises as well as service providers to strengthen its sourcing mechanism.
As a third step, RIL is investing in developing state-of-the-art supply chain infrastructure across the country by linking all sourcing and demand driven locations. This will help the company deliver products at a faster pace in any part of the country.
Fourth, the focus will be on expanding its store footprint by several times during the current year.
Lastly, RIL will keep on acquiring businesses to provide varied experiences to its customers continue acquiring businesses to heighten offering and experience to customers.
Some of the recent acquisitions by the company include digital platforms like Netmeds, Urban Ladder and Zivame.