Central Mall is no longer the same, and our memories will stay forever. The reason is Reliance Retail has taken it over and changed it to Centro Mall. So now it will compete with big brands like Westside, Lifestyle, and Shopper Stop, to name a few.
Why It Has Been Done?
Reliance Retail (RRL) has changed Future Group’s Central department store model into Centro in areas where RRL took over the lease after Future Group lapsed on rentals and relinquished the property. On Tuesday, the first Centro opened in Vasant Kunj, Delhi.
After Future Group failed on lease renewal payments in April, Reliance acquired ownership of over 200 Big Bazaar stores, 34 Central stores, and 78 Brand Factory outlets. Reliance Centro will face Shoppers Stop and Lifestyle with its new fashion and lifestyle department store structure. Going the future, the organization is seeking greenfield assets to expand this model.
According to the firm, Reliance Centro aims to democratize fashion in India by expanding its reach and connecting with people in categories like clothes, footwear, beauty products, luggage, and accessories with over 300 Indian and international brands. This 75,000-square-foot store is a full-service department store with over 300 brands and over 20,000 style selections for everybody in the family.
Reliance Retail is a wholly owned subsidiary of Reliance Retail Ventures, the holding company for all RIL (Reliance Industries) retail firms. For the fiscal year ended March 31, 2022, RRVL recorded combined sales of Rs 199,704 crore ($ 26.3 billion) and a net profit of Rs 7,055 crore ($ 931 million).
After Future Group’s Central department store format was acquired by Reliance Retail and rebranded as Centro Mall, it will now face competition from well-known companies like Westside, Lifestyle, and Shoppers Stop, to mention a few. Knowing who Reliance will compete with is vital, given that we understand how and why it was done.
Westside is one of the biggest and quickest-growing retail shop chains in India. A modern department store, Westside provides a one-stop shop for attractive yet ambitious clothes. The store has a wide selection of goods, including gifts, home decor, clothing, shoes, accessories, beauty products, and fragrances.
India’s top fashion site for the newest trends in Lifestyle. Lifestyle, a division of the Dubai-based retail and hotel conglomerate The Landmark Group, unites a variety of product categories under one convenient roof, including men’s, women’s, and children’s clothing, footwear, handbags, accessories for fashion, and cosmetics. Lifestyle offers a smooth and effortless purchasing experience with its online store as well. It provides top national and international brands and the ease of a genuinely omnichannel experience.
Shoppers Stop Limited is in the company of selling a variety of consumer goods and goods for the home at department stores. Clothing and non-apparel items are among its offerings. Cosmetics, leather goods, household goods, technology, books, and music are all included in the non-apparel category. In addition, customers can take advantage of the First Citizen Loyalty Programme. Both the Google Play Store and the Apple App Store provide its application.