Business News: Mukesh Ambani’s Reliance Retail has been ranked the world’s second fastest growing retail company by Deloitte’s Global Retail Powerhouses 2021 list, also Reliance Retail secured the 53rd place Global Powerhouses of Retailing going up from 56th rank secured in the previous year.
The number one position in the list was occupied by U.S Retail giant Walmart Inc which has been retaining its position so far, followed by Amazon.com in the second place going up from third in the previous year, the third place goes to Costco Wholesale Corporation in the third that slipped from its second-place last year.
Further below, Schwarz Group of Germany occupies the fourth place, followed by Kroger Co in fifth, Walgreen Boot’s Alliance at sixth, Aldi Einkauf GmBH at seventh, Aldi International Services at eighth, CVS Health Corporation in ninth and Tesco PLC at tenth place. The list is occupied by seven U.S based companies, one from U.K and the rest from Germany.
Reliance Retail has been featured in Deloitte’s list of World’s Fastest Retailers and Global Powers of Retailing for four times consecutively and is the only Indian company in global retailers ranking entry. The company has seen a YoY growth of 41.8% with an increase of 13.1% in its number of stores dealing groceries, fashion and lifestyle products and consumer electronics products as well.
By the end of FY2020, Reliance had a number of 11,874 stores across 7,000+ cities in India. E-commerce has been Reliance’s second biggest growth driver of Reliance through both online and offline commerce. Reliance is in partnership with WhatsApp to improve its JioMart online shopping platform and to support local businesses as well.
In 2019, Reliance acquired the Coimbatore based retail company Shri Kannan Stores and in 2020 it announced it will soon acquire Future Group’s retail and wholesale business units for $3.5 billion to expand Reliance’s retail store inventory. Along with these, Netmeds, VitalicHealth and Urban Ladder are some of the significant acquisitions made recently.