Spencer's to shut 40 & open 300 outlets
RPG Group company Spencer’s Retail has decided to close down at least 40 unviable outlets and open another 300 in the next 12 months.
By ET Bureau |
KOLKATA: RPG Group company Spencer���s Retail has decided to close down at least 40 unviable outlets and open another 300 in the next 12 months. The company is also looking at developing the Old Mint building on Strand Road where it intends to put up a mall to begin with.
Talking to reporters on the sidelines of the 30th AGM of CESC, Sanjiv Goenka said: ���At least 10% of our existing Spencer���s outlets are loss-making and we have decided to close them down. Currently, there are about 410 outlets nationally and the exact number of loss-making stores will be mapped and a decision on closing them down will be taken soon. Stores that have turned unprofitable are mainly due to very high rents, bad hinterland and poor sales. Parallely, we intend to open 300 new stores in the next 12 months.��� Mr Goenka, however, declined to disclose details of locales which will see shutdown of outlets.
Interestingly, CESC through its 100% subsidiary���CESC Properties Ltd���has also bid for developing the Old Mint building in consortium with Bengal Silver Spring Projects. ���We intend to put up a mall and ���much more���, but I am unable to share the details now,��� he said. Mr Goenka added: ���The building will offer about 3 lakh sqft of space that can be developed.���
Talking to reporters on the sidelines of the 30th AGM of CESC, Sanjiv Goenka said: ���At least 10% of our existing Spencer���s outlets are loss-making and we have decided to close them down. Currently, there are about 410 outlets nationally and the exact number of loss-making stores will be mapped and a decision on closing them down will be taken soon. Stores that have turned unprofitable are mainly due to very high rents, bad hinterland and poor sales. Parallely, we intend to open 300 new stores in the next 12 months.��� Mr Goenka, however, declined to disclose details of locales which will see shutdown of outlets.
Interestingly, CESC through its 100% subsidiary���CESC Properties Ltd���has also bid for developing the Old Mint building in consortium with Bengal Silver Spring Projects. ���We intend to put up a mall and ���much more���, but I am unable to share the details now,��� he said. Mr Goenka added: ���The building will offer about 3 lakh sqft of space that can be developed.���
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