26 July 2024
The department store model of the Future Group, Central, has been changed to Centro in places where Reliance Retail (RRL) has assumed the lease after the Future Group defaulted on rent and turned over the property to it. Tuesday saw the opening of the first such Centro in Vasant Kunj, Delhi.
After Future Group missed payments for lease renewals in April, Reliance took over ownership of over 200 Big Bazaar stores, 34 Central stores, and 78 Brand Factory outlets. Reliance Centro will face competition from Shoppers Stop and Lifestyle thanks to its new fashion and lifestyle department store structure. In the future, the company will also be looking for greenfield property to expand this concept.
By expanding its reach and establishing closer ties with Indian consumers, Reliance Centro hopes to democratize fashion in that country.
