Spencer Retail to invest Rs 250-3,000 cr in 2008-09

VADODARA: RPG group's Spencer Retail on Friday said it will invest Rs 250 crore to Rs 3,000 crore across the country in 2008-09 which also includes setting up 35 stores in Gujarat.

The stores in Gujarat would come up at Surat, Rajkot, Anand, Nadiad, Mehsana, Vapi Ahmedabad and Bulsar, its Group President and CEO (retail) Sumanta Banerjee said today.

Talking to PTI after launching Spencer's first hyper mart in the city today, Banerjee said that they have been planning to invest about Rs 250 crore to Rs 3,000 crore in the hyper mart format.

Spencer has 400 outlets with 15 hyper markets, 11 super markets and 374 daily and express stores across 55 cities in the country.

The company will also launch hyper marts in Bihar and Jharkhand, Banerjee said.

RPG group's retail outlets which include Music World, Books and RPG Cellucom currently stand at 550 in number and is expected to grow to 2,000 stores by 2009 and 5,000 stores by 2011, Banerjee added.