The name of Future Group’s Big Bazaar does not require any identity. But its name is going to change soon. Yes, according to a report, Reliance Retail’s Smart Bazaar is about to replace Big Bazaar. It is said that Reliance Retail is going to launch a new store brand Smart Bazaar. It is named after the locations where Future Group’s Big Bazaar outlets operated.
Stores can be opened this month
In this report, sources in the report have been quoted as saying that the retail unit of Mukesh Ambani’s Reliance Industries is working on opening its smart markets in about 950 places. It has taken back all these stores from the Future Group. As of now, there is no response from Reliance in this regard. Let us tell you that a new twist has come in the fight to achieve supremacy in the Indian retail market. Billionaire Mukesh Ambani’s Reliance Retail has issued a notice to terminate the sub-lease of 950 stores of Future Retail. In a stock exchange filing, the debt-ridden Future Group led by Kishore Biyani said it has received notices from Reliance Industries for termination of lease.
Offer to Future Employees
Notably, Reliance Retail had last month acquired Future Group’s store space for which Future Group could not pay the lease rent. Reliance Industries had offered jobs to employees by taking over the operations of some of the stores of Future Retail, which were on the verge of closure. In the report released in this regard, it was said that now Reliance Retail will be bonded at these stores. The acquisition case started due to non-payment of rents by Future Retail Stores. After this, the premises owners made pressure to vacate the stores.
Controversy broke out with Amazon
Along with this, let us tell you that the long-running dispute between e-commerce giant Amazon and Kishore Biyani-led Future Group has now increased the hope of settlement out of court. Recently, Amazon has proposed talks with Future Retail to end the legal battle. In this regard, the Supreme Court has given time till March 15 to both the parties to settle it by mutual consent through dialogue.