Reliance Industries (RIL) chairman Mukesh Ambani is expanding the company s retail empire to include quick commerce services through JioMart. This move aims to compete with players like Blinkit and BigBasket, leveraging Reliance s extensive reach and resources. The shift towards quick commerce reflects changing consumer habits, favoring convenience and instant deliveries.
Retailers and quick-service restaurant chains in India experienced the slowest pace of store expansion in five years at 9%, with 33,219 stores as of March 31. In FY23, the number was 30,551, up 18% from the previous year. These companies added 2,700 stores, averaging 7 a day, but that s nearly half compared to 13 doors each day in FY23. Retail sales growth rate fell year-on-year every month in the previous fiscal, reflecting weak consumer sentiment across segments like apparel, footwear, and QSR.