Reliance Retail has finalised a brand new retail retailer model, Good Bazaar, for the areas the place the Future Group’s Massive Bazaar retailers used to function, two business executives stated.
The retail unit of Reliance Industries is engaged on opening its personal shops in round 950 properties it had sub-leased to the Future Group however took possession again citing non-payment of lease.
It plans to open not less than 100 shops in these areas, together with a couple of Good Bazaar shops, this month itself, the executives stated.
Emails despatched to Reliance Retail and the Future Group remained unanswered at press time on Thursday.
Good Bazaar can have a much bigger concentrate on on a regular basis attire and common merchandise than Reliance Retail’s current Good supermarkets, modelling them on the strains of Massive Bazaar so that customers can really feel linked, the executives stated.
In properties that housed Future Group’s bigger shops like Central – every unfold over 60,000 sq. ft and going even as much as 100,000 sq ft – Reliance is considering its current codecs like Reliance Mall which incorporates all of the codecs in a smaller manner, or a mixture of two-three codecs together with a departmental retailer which is but to make its debut in its portfolio.
Alternatively, the Future Group has given a proposal to Reliance to function the Central format as a franchise of the Future Group, in order that the model title stays and since every Central has 80-100 impartial manufacturers working as shop-in-shops by paying a payment.
Reliance will roll out its smaller retail manufacturers like 7-Eleven and Reliance Recent to exchange Future Group’s grocery shops Straightforward Day and Heritage, whereas a couple of of the worth attire format FBB shall be become Traits, which is Reliance’s worth trend chain, the executives stated.
Reliance is at the moment eradicating all of the bodily property, equivalent to air-conditioners, stocking cabinets, lights, chillers, freezers, billing machines, trolleys and even escalator machines, from the shop areas it repossessed and handing them over to the Future Group. These property now belong to banks for the ₹17,000 crore mortgage reimbursement the Future Group has defaulted on.
The executives stated Reliance had been largely paying for the inventory of Massive Bazaar, Straightforward Day, Heritage and FBB shops – which collectively account for 835 retailers that at the moment are shut down – for the previous one yr, and therefore would stay on its books and never these of Future Retail, which used to function these retailers.
Nonetheless, for the areas the place Future Way of life Fashions operated greater than 110 Central and Model Manufacturing facility shops, and which at the moment are below the management of Reliance, many of the stock was paid for by the Future Group and therefore the worth of the property shall be extra, the executives stated.
For the reason that final week of February, Reliance has shuttered lots of of Future Group shops and began issuing notices for the termination of sub-leases for non-payment of lease. Early final yr, Reliance had change into the tenant of those areas, after the Future Group was unable to pay lease to the landlords. These have been then sub-leased.
https://cfo.economictimes.indiatimes.com/news/reliance-retail-to-set-up-own-stores-in-futures-locations-launch-many-soon/90140053
https://newsharemarket.com/reliance-retail-to-set-up-own-stores-in-futures-locations-launch-many-soon/
