Billionaire Mukesh Ambani’s Reliance Retail Ltd has been ranked second fastest growing retailer within the world within the 2021 ranking of worldwide retail power houses by Deloitte, down from top rank secured the previous years.
It has been ranked 53rd within the list of worldwide Powers of Retailing, improvement from 56th earlier, consistent with the Deloitte report.
The list is topped by US giant Walmart Inc, which retains its position as world’s top retailer. Amazon.com Inc improved its position to rank second. Costco Wholesale Corporation folks slipped a rank to be placed third followed by Schwarz Group of Germany.
The top 10 has seven US retailers and one from the united kingdom (Tesco PLC at 10th position). Other US retailers within the top 10 include The Kroger Co (ranked 5th), Walgreens Boots Alliance, Inc (6th) and CVS Health Corporation (ranked 9th). Germany’s Aldi Einkauf GmbH & Co. oHG and Aldi International Services GmbH & Co. oHG is placed at 8th position.
Reliance Retail is that the only Indian entry within the global list of 250 retailers. It features consecutively for the 4th time within the list of worldwide Powers of Retailing and World’s Fastest Retailers.
“Reliance Retail, last year’s Fastest 50 leader, dropped to second place. the corporate recorded YoY growth of 41.8 per cent, driven primarily by a 13.1 per cent increase within the number of stores in its consumer electronics, fashion and lifestyle and grocery retail chains, to 11,784 stores across 7,000 towns and cities in India at financial year end (FY20),” Deoitte said.
E-commerce, it said, may be a forest driver, through both digital commerce (B2C) and B2B.
“The company is partnering with WhatsApp to further accelerate Reliance Retail’s digital commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp,” it said. “Reliance Retail acquired the 29 stores of Shri Kannan supermarket at the top of FY2019, and in August 2020 announced it might acquire Future Group’s retail, wholesale and logistics units for USD 3.4 billion.”
When fully approved, the deal will almost double Reliance Retail’s store space.
Reliance Retail also made two e-commerce acquisitions in 2020, buying Vitalic Health and its online pharmacy platform Netmeds in August, and a 96 per cent stake in online home decor company UrbanLadder in November.
On global outlook, Deloitte said within the early months of 2021, the planet was faced with both promise and peril.
“On the positive side, the distribution of vaccines for COVID-19 was under way, offering the promise that, sometime later within the year, the negative impact of the virus could abate significantly. On the negative side, the virus continued to threaten economic stability, especially in those parts of the planet where it had been still prevalent and threatened to be a drag elsewhere if new and virulent strains of the virus were spread widely”.
Even in places where the outbreak was limited, there was a negative economic impact from social distancing measures to avoid an extra outbreak, it said adding the challenge for policymakers was to regulate the present outbreak, protect those that are disrupted by it, and speed up the distribution of approved vaccines.
The speed and success of those three imperatives will determine the trail of the worldwide economy within the year ahead, it added.