RPG Group-promoted Spencer’s Retail plans to increase its presence through large-format stores. The retailer will open 20-25 new hypermarkets, besides a few small neighbourhood stores, by March 2012.
“We plan to add an area of around six lakh sq.ft by March 2012 with a focus on large-format stores. These stores will have an area of around 20,000 sq.ft each, while the size of smaller stores will depend on the location. The total expansion plan would mean an investment of Rs.100 crore. We are looking for investors and talking to various private equity funds providers,” Vineet Kapila, president, Spencer’s Retail Ltd, said in an exclusive interview.
“We are already present in metros and tier I and II cities. The approach would consolidate our position in the existing locations and [help us] expand to geographies with great market potential such as Bihar, Jharkhand and cities in the North East,” he added.
– Juhi Sharma