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December 05, 2008 15:51 IST
Reliance Retail, a subsidiary of Reliance Industries [Get Quote], announced on Friday its foray into home furnishing format as it presses to expand into more areas across the country. The company announced the opening of its first Reliance Living Furnishings store in Noida (Uttar Pradesh) and has plans to follow it up with one more store in Delhi and two in Hyderabad."We have not put any target regarding the number of stores which we intend to set up. Our turnover figures would be set once we receive adequate customer response," Reliance Retail Senior Vice-President and Business Head (Home Furnishings and Decor) Manu Kapur told reporters.With the recent softening of retail rentals, real estate companies have opened up to the idea of revenue sharing with retailers. Asked if Reliance Retail was contemplating such a step, Kapur said, "We are open to the revenue sharing model also but nothing has been finalised as yet."According to real estate consultant Cushman & Wakefield, retail rentals in some high streets across major cities, including Mumbai, Pune and Chennai and the National Capital Region, had witnessed a fall between 13-20 per cent in the third quarter of this calendar.The home furnishing format is the 14th specialised segment tapped by Reliance Retail which operates 800 stores across 60 cities having a total retail space of 38 lakh sq ft.He said the company has started with 120 products under three private labels, including 'Home One' (basic), 'My Home' (mid-segment) and 'My Home Premium' (Lifestyle). The home furnishing items, 80 per cent of which would be the company's own labels, are priced between Rs 199 to Rs 14,000.The company's offerings would include bedding, bath textiles, curtains, floor coverings, table and kitchen linen and decor in both autumn-winter and spring-summer ranges.
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