Enthused by good sales in the past few months, Mukesh Ambani-led Reliance Retail Lifestyle is planning to increase the number of Reliance Jewels outlets to 100 by 2013, a top company official said on Sunday.
“We are upbeat about our same store sales growth. The past eight months have been very good for us... with 22 per cent growth. And I think this is the best time to expand as the rentals have gone down to some extent. In the next 3 years, we will be scaling the Reliance Jewel stores to 100,” Reliance Retail Lifestyle’s CEO Bijou Kurien told PTI.
The company has plans to add 14 more by this fiscal-end to its existing 10 outlets of Reliance Jewels, which sells gold and diamond jewellery under private label RJ.
“We have announced to open 10 more Reliance Jewels stores and six Time Out store by the end March with a total investment of Rs. 150 crore,” Kurien said.
It has six Time Out outlets which sells stationery products, gifts and toys. It also plans to scale up the Time Out stores to 72 over the next three years.
All its outlets are large format stores ranging from 2,500 sq ft to 15,000 sq ft.
The new stores will come up in New Delhi, Ahmedabad, Andhra Pradesh and Mumbai, where it already has its lifestyle outlets. Besides it will also open a few shops in Kochi and Bangalore.