Reliance India Ltd launched its much awaited format and largest hypermarket under the brand name RelianceMart at ISKON Mall, SG Highway, Ahmedabad, which will be open to public on 15 August.
After the successful launch of consumer good super market Reliance Fresh and Consumer Electronic and Digital, this will be the company's third retail format in the market.
In order to achieve its target of covering 100 million sq ft of area with hypermarkets, RelianceMart — a part of the Reliance group's $5.5-billion retail initiative — has begun sealing real estate deals at breakneck speed to set up mega retail stores.
According to market hawks, in the last six months, the company has acquired over 50 million sq ft via franchise as well as direct routes.
RelianceMart, which is targeting returns of $23 billion by March 2011, will begin writing its success story with the opening of its first hypermarket in Ahmedabad on August 15, when India celebrates the 60th anniversary of its independence. This will be followed by two more hypermarkets in Jamnagar and Gurgaon in September.
Sources reveal that around 23 percent of the hypermarket floor space will be allocated to garment brands while the rest will stock footwear, home goods and other products.
Luxury products, which will cover a floor space of 11 percent, will include brands like Lakme, Maybelline and Chambor.
The hypermarkets in Jamnagar and Gurgaon will cover areas ranging between 1,65,000-2,00,000 sq ft.
Fibre2fashion, News Desk - India