Oct 30, 2006

Reliance to open first stores

India's Reliance to open first stores this wk in retail foray - Forbes.com:
"HYDERABAD, India (AFX) - Reliance Industries said it will open a series of stores here this week in a pilot project as part of its efforts to set up a nationwide chain of retail stores on the lines of Wal-Mart of the US.

The 11 'neighbourhood' stores, to be called Reliance Fresh, will sell groceries and other goods from Friday as a pilot project to 'understand customer needs,' Reliance said. "

Kishore Biyani of the Future Group (which is the brand under which Pantaloons operates) better watch out. Reliance has taken a team of heavyweights like Rajeev Karwal, Bijou Kurien as CEOs of Reliance Retail. What is going to be Biyani's response? Will the Starbucks tie-up be enough? He's hired unusual talent like Rupa Purushottam (co-author of the famous BRIC report of Goldman Sachs) as Chief Economist whereas Sanjeev Gupta ex-Coke CEO has joined him as CEO Indivision.