“Spencer's is planning a major expansion drive, which will mean doubling of the total floor space of the stores from one million sq.ft to 2 million sq. feet by 2012. This will entail an investment of about Rs 150 crore.”
Spencer's Retail Ltd, a multi-format retail chain, today announced the revamp of the first hypermarket of the country launched 10 years ago in Hyderabad, and plans to follow this up with other older stores too changing them based on customer feedback.
Part of the Rs 16,000-crore RPG Group, Spencer's is planning a major expansion drive, which will mean doubling of the total floor space of the stores from one million sq.ft to 2 million square feet by 2012. This will entail an investment of about Rs 150 crore.
Apart from bringing about changes in the store format itself, its layout, we have added a wide range of products in some new categories. These include a nursery too, food courts and wider range of bakery products.
More hypermarkets:
Spencer's currently has 200 retail stores, including 20 hypermarkets across the country. now planning to set up 20 more hypermarkets by next year and are scouting for right locations.Also looking at having new stores in some of the cities where we are already present, like Hyderabad, Vijayawada, Visakhapatnam in Andhra Pradesh.
the company closed last year with revenues of Rs 950 crore and expects revenues of Rs 1,100 crore this fiscal. The company's business plan is to become a Rs 3,000 crore turnover company by 2012.
The country's organised retail is still at the nascent stage and accounts for about 5 per cent of total retail business.
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