Reliance made its entry in the retail sector in 2006 and it has over 18,774 stores throughout the country. Balenciaga, Armani, Hugo Boss, Versace, Michael Kors and others brands are available in India through Reliance Retail.
Mukesh Ambani led Reliance Industries and Tata Group are two of the biggest and most valuable conglomerates in India. Both of the giants are involved in a wide range of businesses through their subsidiaries, creating a strong rivalry. It turns out, India’s richest man Mukesh Ambani is also competing with Tata Group when it comes to retail real estate in India’s financial capital Mumbai, a new report by Economic Times reveals. For those who are unaware, Zara, Westside, Titan, Starbuck and other Tata Group companies occupy around 25 million square feet of retail space in the country. Although this number is massive, it is nothing when compared to 73 million square feet of retail space that is occupied by Reliance Industries’ subsidiaries. But when it comes to Mumbai, both of the conglomerates have around 3 million square feet of retail space. Mumbai is believed to be the most expensive city in India when it comes to retail space and as per Economic Times’ report, both Reliance Industries and Tata Group are now chasing marquee properties.
According to Economic Times, strategy consulting firm Third Eyesight’s founder Devangshu Dutta said that Tata Group has been in the retail segment for quite a long time now, however aggressive expansion of Reliance in the retail space slowed down the pace of their rivals. Experts suggest that there is a huge demand for retail areas in Mumbai and the supply is significantly low. This is the key reason why commercial developers and mall owners face challenges to lease out space to known retail brands.
The article also mentioned that commercial real estate consultants Knight Frank India’s Director (Retail) Abhishek Sharma reveals that although these brands are given preference but the dynamics are very complex. He suggests that developers make a balance between demand for these big brands and a diverse tenant mix.
To recall, Tata Group entered the retail biz in late 1980’s with Titan Watch and currently the Group has over 4600 stores in the country. On the other hand, Reliance made its entry in the retail sector in 2006 and it has over 18,774 stores throughout the country. Balenciaga, Armani, Hugo Boss, Versace, Michael Kors and others brands are available in India through Reliance Retail. A source told Economic Times that these brands help Reliance to get an early entry in a project and also the desired retail space.
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