Mukesh Ambani has chosen the sprawling Shree Ram Mills property at Lower Parel in central Mumbai to launch Reliance Retail’s first hypermarket (discount store) in the city. Reliance’s four-storey office building at Shree Ram Mills compound will be converted into a mega store, which will be located close to Pantaloon’s Big Bazaar discount store at Phenoix Mills.
Reliance Retail, which ventured into hypermarket business by opening a 1.65 lakh sqft store in Ahmedabad last week, plans to start the construction of hypermarket shortly, according to industry sources. A Reliance group spokesperson declined to comment on the issue.
Reliance group executives will be moved out of Shree Ram Mills building to the new swanky corporate office at Koperkhairane in Navi Mumbai.
“Around 700 employees are now housed at the property. Some people have already moved out,” said the source. Before the split of Ambani brothers, Reliance Infocomm’s (now Reliance Communications.) corporate office used to function from the building. Reliance had bought the property from Kasliwals eight years back. Post split, the property went to Mukesh Ambani group.
Reliance Retail is planning to build a 50000-60000 sqft store at the location which is fast transforming into Mumbai’s corporate hub.