Upmarket Spencer's eyes 250 new stores
Spencer's Retail plans to reposition itself as an upmarket brand with a focus on fashion, food and home decor.
By TNN |
NEW DELHI: RPG Group company Spencer���s Retail, a multi-format retailer, plans to reposition itself as an upmarket brand with increased focus on fashion, food and home decor. Besides, the company would invest close to Rs 1,500 crore to open 250 new retail outlets this year. Presently, Spencer���s operates 400 stores under different formats, such as supermarkets, hypermarkets and express.
���Fashion is a significant segment of the country���s retail industry as it has influenced lifestyle in a big way. With consumers��� new look-good and feel-good attitude, fashion offers huge potential to tap the untouched markets,��� said RPG Enterprises vice-chairman Sanjiv Goenka at the launch of the two new hyper stores at Ghaziabad and Gurgaon on Friday.
���Fashion is a significant segment of the country���s retail industry as it has influenced lifestyle in a big way. With consumers��� new look-good and feel-good attitude, fashion offers huge potential to tap the untouched markets,��� said RPG Enterprises vice-chairman Sanjiv Goenka at the launch of the two new hyper stores at Ghaziabad and Gurgaon on Friday.
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The company is also in talks with various international retail players to set up joint ventures across different categories in the country and is targeting a turnover of Rs 1,800 crore by end of the current fiscal.
Spencer���s new stores will retail a wide range of formal wear, casual wear, evening wear and sport wear for men, women and children.
The company would also offer a separate apparel range under its private labels such as Mark Nicolas, Notting Hill, Island Monks and Asankhya introduced recently. Besides, variety of merchandise would be made available across food and non-food categories apart from latest electronic gadgets, gizmos, homecare and home-decor items.
On the investment plans, Mr Goenka said, ���We would invest Rs 1,500 crore across different formats within a year to open additional 250 stores. The company���s total retail space would go up to 22.5 lakh sq ft by March 2009.���
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