Mukesh Ambani and Isha Ambani decide to shut down some of the Reliance Retail outlets.
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Summary: Reliance Retail has closed down its 3 Centro outlets and plans to close 24 more outlets by this month.
In the course of the redesign, Reliance Retail has announced the temporary closure of several Centro outlets. With this shift, the focus could be on foreign brands like Gap and Superdry, which Reliance has recently acquired or partnered with, as well as Azorte and Yousta. This move follows Reliance Retail's September 2022 rebranding of Future Group's Central outlets as Centro.
They have decided to reinvent the model with their own brands and labels in India. Yousta and Azorte are among these brands. According to the reports, the retail giant has already closed three locations and plans to dissolve about 24 more by the end of this month.
All Centro stores would temporarily halt operations to allow for repairs, according to a letter that Reliance delivered to its brand partners. Partners were told in the letter to take their goods out of the outlets, including promotional materials and merchandise.
After Future Group turned over the property to Reliance, it changed Future Group's Central into Centro in the areas where it took over the lease in September 2022. For the September 2024 quarter, Reliance Retail reported a net profit of Rs 2,836 crore, up by 1.3% from Rs 2,800 crore the previous year.
Whereas its operating revenue decreased by 3.5% to Rs 66,502 crore from Rs 68,937 crore at the same time, the previous year. This fiscal year, the company also boosted store closures and slowed down expansion.
