"The unfavourable trends in these two states have limited our capability to expand the stores as per our original plan," Bijou Kurien, president and CEO of Reliance Lifestyle, said.
The company has no plans to re-open the outlets it closed down in these two states, he said, apparently referring to Uttar Pradesh government's orders to shut down Reliance Fresh food stores following protests from local traders and refusal of permission by West Bengal government.
Kurien said the company plans to open more stores in other states to make good the loss it suffered in Uttar Pradesh and West Bengal, but refused to indicate the number it was targeting.
Reliance Retail Ltd, a wholly-owned unit of RIL, is setting up hundreds of outlets selling items ranging from food and vegetables, to luxury products and consumer goods. The company plans to invest about Rs 25,000 crore (Rs 250 billion) over the next few years for a nationwide chain of stores and supermarkets.
However, small traders and local vendors have opposed the company's entry in Uttar Pradesh, the country's most populous state, forcing the provincial government to ask the company to shut down its outlets. In West Bengal also, the Left-backed government has not been supportive of the company's plan.
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