Spencer’s Retail opens new format shops | All Tech Sir

Spencer’s Retail Ltd introduced on Monday the launch of Spencer’s Worth Market, a brand new format geared toward value-conscious customers.

A part of the RP-Sanjiv Goenka Group, the retailer will open new shops in six cities throughout South India this month.

The retailer has round 185 shops catering to the mid-range and premium segments. ”Spencer’s Worth Market is a new-age hypermarket that caters to the fashionable, well-informed and value-conscious client. The worth market might be launched from January 16 to 23 at six areas, specifically Karimnagar, Warangal, Kurnool, Guntur, Bhimavaram and Vijayanagaram,” mentioned Shashwat Goenka.

Funding particulars weren’t disclosed.

“We hope to open 10 shops by March this yr and develop to different areas over time. The brand new shops might be smaller and might be between 8,000-12,000 sq ft,” the official mentioned.

The brand new shops are boldly promising reductions of a minimum of 6 p.c on all merchandise on daily basis to make sure the bottom costs on on a regular basis necessities, the overall retailer mentioned.

Spencer’s Hypermarket presently has 152 shops in 11 cities throughout India. Nature’s Basket, which was acquired from Godrej Industries in 2019, has round 35 shops concentrated in West and South India.

Within the first half of FY23 ended September, Spencer’s Retail reported a consolidated revenue of Rs 1,270 crore and a lack of Rs 87 crore.

(This story was not edited by Devdiscourse employees and was routinely generated from a syndicated feed.)

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