RIL to shut down few retail outlets in India

India’s Reliance Industries has said it will shut down non-profitable outlets belonging to its retail chain Reliance Retail.

“It will be a wise decision to shut down stores which are not doing well and are a drain on the finances. All retail players operate in this manner,” said a research analyst from a domestic brokerage who attended the analyst meet.

Reliance Retail is not just the largest retailer in terms of revenues, but is also the biggest in most of the categories it operates in. As on March 31, RIL operated 2,621 stores across 200 cities, with 12.5 million sq ft space and saw its profits improve over two times and revenue increase by 21 percent.