Reliance Retail Centro Closure: Billionaire Mukesh Ambani’s daughter Isha Ambani-led Reliance Retail has announced the temporary shut down of its fashion store Centro, which is currently in 24 locations across India and 33 stores. It must, however, be noted that this is only a temporary closure.
Ambani-led Retail has informed its Centro stores across the country about the shut down which is being implemented to reposition the format with mostly its own brands and labels which the retail major has launched in India as a licensee partner. These brands include Azorte and Yousta.
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Reliance Retail Centro Closure
By the end of this month, Reliance Retail could close as many as two dozen outlets, according to an Economic Times report. Ambani-led Reliance Industries had in September 2022 converted Future Group’s Central into Centro in locations where it had taken over the lease after the Future Group surrendered the property to it.
The Isha Ambani-led retail arm of RIL has already shut 3 stores, the Economic Times report added, citing executives of companies which have been asked to take back their inventory and fixtures citing renovation and repositioning of the format.
“RRL (Reliance Retail) has decided to temporarily pause operations of all its Centro outlets across the country as part of the remodelling process,” it said in a letter to the brands, a copy of which was seen by Economic Times.
“Display, storage, and sale of the merchandise shall be paused at the outlets. In view of the imminent hiatus of operation of the outlets, you are hereby required to arrange for the removal of all goods, merchandise, stocks, promotional materials, or any other items belonging to you which are at present, deployed at the outlets,” it added
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Reliance Retail’s Plans for Centro
While it is not yet lucid whether Reliance Retail will house existing local and global brands once the stores reopen, it has been learnt that the retailer has either partnered or acquired around 80 overseas brands from Gap and Superdry. Some of Centro’s major competitors include Lifestyle International and Shoppers Stop.
RIL last month announced its July-September 2024 quarterly earnings, in which Reliance Retail reported a 3.5 per cent decline in revenue from operations for the three months to September. The company also slowed down expansion and sharply increased store closures this fiscal.
