Reliance Retail says it is set to lead the retail industry in the coming decade

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₹2,30,951 crore in fiscal 2023, up from ₹1,74,993 crore in FY22. EBITDA reported a 44.7% jump led by broad-based growth across consumption baskets, RIL said in its annual report. Digital commerce and new commerce businesses contributed to 18% of revenue in FY 2022-23—in the previous fiscal, digital commerce contributed to nearly 17% of revenues.

The retail business added over 3,300 new stores during the financial year, taking the store count to 18,040 stores pan-India. Interestingly, in FY23 the number of on-roll retail employees stood at 245,581; in the previous year, the number of on-roll, off-roll and third party personnel in the retail business stood at 361,000. Emerging organised retail formats, digital and technological advancements, the ongoing trend of urbanisation and greater access to financing are changing the consumption landscape, the company said.

“With per capita GDP surpassing the critical $2,000 threshold, consumer discretionary spending is likely to trend upward, and these trends together suggest a promising outlook for the Indian retail sector. Reliance Retail with its industry leading store network and emerging digital platforms, investments across the consumption value chain and its track record of strong execution, is well poised to lead the industry in the coming decade," RIL said, commenting on the future outlook of the retail business. To be sure, Reliance Retail operates stores straddling categories such as electronics, fashion apparel, beauty, grocery, footwear, food, jewellery, toys, e-commerce as well as luxury and lifestyle.