New Delhi, 23rd of April, 2024 : Reliance Retail’s grocery business grew 31% as Smart and Smart Bazaars continue to drive the growth with focus on premiumisation and regional expansion. The grocery formats are focussing on growing new categories and diversifying their product portfolio with premium offerings, including luxury body mists and high-end serums, to cater to evolving consumer preferences. Dinesh Taluja, CFO of Reliance Retail, notes a rising trend towards premiumisation driving increased average bill values and better margins.
Smart & Smart Bazaar’s recent ‘Full Paisa Vasool Sale’ saw a 21% year-on-year sales increase, driven by household and personal care items.
The deep regional penetration of Smart and Smart Bazaar stores has fuelled growth opportunities, with unique regional nuances enhancing the expansion prospects.
“We are building the deepest regional network of stores in the country,” said Dinesh Taluja speaking on the media and investor call for the Q4 2023-24 financial results announcement of Reliance Industries Ltd. This strategy combines regional assortments with national offerings, providing a compelling value proposition for customers.
Sales preceding Holi surpassed those of Diwali in certain markets, showcasing the effectiveness of regional insights in assortment planning and communication.
Reliance Retail’s Grocery New Commerce segment witnessed notable growth, driven by initiatives like the “Metro Kirana Utsav,” while partnerships with institutional customers in the HoReCa segment have diversified revenue streams.
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