Reliance Retail solidifies position among top global retailers: Mukesh Ambani

Reliance Retail: During the Reliance Industries Annual General Meeting on August 29, 2024, Mukesh Ambani underlined the continued dominance of Reliance Retail in India's retail sector as the company not only strengthened its leadership in the country but also achieved strong global standing, ranking among the top five retailers worldwide in terms of the number of stores.

“Reliance Retail is among the top 5 retailers in the world in terms of a number of stores. Among the top 10 retailers in terms of market capitalisation, the top 20 are in terms of several employees and the top 30 are in terms of revenues,” said Ambani.

Ambani attributed the success to Reliance Retail's omnichannel model, which integrates physical and online shopping experiences for customers. The company uses a common inventory across channels, enabling hyper-local deliveries through its expansive store network.

“We have built multiple channels to serve customers through about 19,000 own stores and nearly 18 million square feet across 7000 plus cities, 4 million Kirana partners, and a wide bouquet of digital platforms which provide us access to consumers across the country,” added Ambani.

Ambani also shared that Reliance Retail is promoting India’s powers and Medium and Small Enterprises by procuring their produce.

“We are sourcing more from tribal areas. We are promoting women entrepreneurs. Above all, our Retail business is generating more direct and indirect livelihood opportunities,” Ambani noted.

The company has recorded gross revenue of Rs 3.06 lakh crore, a growth of 17.8 per cent YoY growth. With the EBITDA of Rs 23,082 crore, up 28.4 per cent YoY and net profit of Rs 11,101 crore, up 21 per cent YoY, shared Isha Ambani, Director of Reliance Retail Ventures Limited.