Tuesday, January 30, 2007

Reliance Retail plans 100 additional stores in NCR

After opening stores in the NCR, Reliance Retail announced that it was planning to open 100 additional stores in the next 120 days, but might have a problem due to finding the right locations. Since the Supreme Court's order on use of commercial space, commercial property prices have significantly increased and led to a shortage. In the next phase, the company plans to open 50 Reliance Fresh stores in NCR and 50 in Delhi. According to sources, the overall space acquired by Reliance is over five lakh sq ft.
The Mukesh Ambani-promoted company spent close to Rs 1,000 crore in just two days to acquire properties in Vikaspuri in West Delhi valued at around Rs 280 crore and at Dwarka and Rohini for around Rs 700 crore.

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