Reliance Retail Plans 45 books & music stores by 2014

Reliance Retail - Mukesh Ambani Company has plans to open 45 Time Out outlets, in next five years. Reliance TimeOut is a book and music store.

As of now, TimeOut operates 7 stores and wants to acquire Rs 3,500 crore book retailing industry. However at present only 40 per cent is organized.

On the move of Mukesh Ambani's led Reliance Retail, the business head, Reliance Timeout, Deepinder Kapany said, "In the next 3-5 years, we will have a total of 45 TimeOut outlets across 4 states - mainly in Western and Southern regions. Our strategy is to first saturate a town, then a state followed by the entire region."

He added, "In the next couple of months five stores will be opened in Mumbai alone. The next few stores in 2010 will come up in - Delhi, Ahmedabad, Mumbai and Bangalore. We want to saturate Gujarat, Maharashtra, Karnataka and the National Capital Region first."

"This is part of an overall aggressive expansion strategy by the format, which will enter Pune, Nagpur, Hyderabad, Mysore, Mangalore, Ahmedabad, Baroda and Jamnagar. Reliance Retail will expand through cost-effective model of revenue-sharing format with property owners," Kapany further added.