Reliance Retail (RRL) has converted Future Group’s department store format Central into Centro in locations where lease was taken over by RRL after the Future Group defaulted on rentals and surrendered the property to it.
The first such Centro opened in Vasant Kunj in Delhi.
Reliance took control of over 200 Big Bazaar stores, 34 Central stores and 78 brand factory outlets after Future Group defaulted on payments for renewing leases in April.
With the new fashion and lifestyle departmental store format, Reliance Centro will compete with Shoppers Stop and Lifestyle.
Going forward, the company is looking for greenfield asset as well for the expansion of this format.
Reliance Centro is aimed at democratising fashion in India, by strengthening its reach and connect with consumers in India – right from categories like apparels, footwear, cosmetics to luggage and accessories with over 300 Indian and International brands, the company said.
This 75,000 sq. ft. store is a complete departmental store with a range of over 300 brands and more than 20,000 style options for the entire family.
RRL is a subsidiary of Reliance Retail Ventures, the holding company of all the retail companies under the RIL (Reliance Industries) group.
RRVL reported a consolidated turnover of Rs. 199,704 crore (US $ 26.3 billion) and net profit of Rs. 7,055 crore (US $ 931 million) for the year ended 31 March 2022.
