India’s biggest retail chains have significantly reduced their store expansion efforts in the current fiscal year, according to their latest investor disclosures. Reliance Retail, Titan Company, Avenue Supermarts (owner of DMart), V-Mart Retail, and Shoppers Stop collectively opened 44% fewer stores during the first three quarters, ending in December, compared to the same period last year.
Reliance Retail, the country’s largest retailer, added 1,276 new stores between April and December, which is a considerable decrease from the 2,376 stores added during the corresponding period last year. Similarly, Titan Company opened 239 outlets, down from last year’s 359 stores, across its brands, including Tanishq jewellery stores. Meanwhile, Avenue Supermarts opened 17 new DMart stores, compared to 22 last year.
Despite the slowdown, V-Mart Retail and Shoppers Stop witnessed an increase in their store count compared to the previous year’s first nine months. V-Mart added 46 new stores, while Shoppers Stop’s figures remain undisclosed as they have not reported the number of stores closed. Interestingly, both retailers primarily operate in the bridge-to-luxury and premium market segment, which has experienced lesser impact due to changes in consumption patterns.
