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Reliance Retail turns Future’s Central into Centro fashion stores

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 on Tuesday.

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 & lifestyle departmental store format, Reliance Centro, will compete with Shoppers Stop and Lifestyle. Going forward, company is looking for greenfield asset as well for expansion of this format.

Reliance Centro is aimed at democratizing fashion in India, by strengthening its reach & 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 range of over 300 brands and over 20,000 style options for the entire family.

Reliance Retail 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 ($ 26.3 billion) and net profit of Rs 7,055 crore ($ 931 million) for the year ended March 31, 2022.

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