In a span of seven days, Spencer’s Retail has achieved headway by launching 40 stores across India. As part of their expansion plans, Spencer’s Retail Limited, part of the Rs 11,300 crore RPG group, is planning an investment of Rs 1,000 crore towards setting up new stores across the country.
Sharing details about the expansion plans, JH Mehta, President and CEO, Spencer’s Retail, said, “RPG group’s retail outlets, currently at 400, are expected to grow to 2,000 stores by 2009, and 4,000 by 2011. The business has a normative investment of Rs 1,500 per square foot for all locations.” The company is looking at launching an IPO in the next 2 to 4 quarters.
In an attempt to offer better customer service to its patrons, Spencer’s Retail redesigned and re-branded its Spencer’s Hyper store at Inorbit mall in Mumbai. This is Spencer’s largest hypermarket store in the country so far – spanning 54,000 square feet. The format adopted by the company is different for all its stores. Mehta informed, “We have five formats. Spencer’s Hyper (25,000 square feet), Spencer’s Super (8,000–15,000 square feet), Spencer’s Daily (4,000–7,000 square feet), Spencer’s Fresh and Spencer’s Express. Today, there are 195 Spencer’s stores across 35 cities in India. These comprise 11 Spencer’s Hypermarkets, 6 Spencer’s Super stores, 150 Spencer’s Daily stores, 3 Spencer’s Fresh stores, and 25 Spencer’s Express stores.”