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Spencer’s Retail to open 250 new stores across India
Special Correspondent
Photo: Rajeev Bhatt
New bazaar: RPG Enterprises vice-chairman Sanjeev Goenka after inaugurating the new Spencer’s Retail hyper store at Pacific Mall, Vaishali, in Ghaziabad on Friday.
NEW DELHI: Disclosing big expansion plans, Spencer’s Retail, the RPG Group company, on Friday said it would open 250 new stores across India by the end of the current financial year.
“We will invest Rs.1,500 crore to open 250 new stores across various formats by March 2009, taking our total retail space to 22.5 lakh square feet,” said RPG Enterprises vice-chairman Sanjeev Goenka here after announcing the launch of two new hyper stores in neighbouring Ghaziabad and Gurgaon with an investment of Rs.60 crore.
Spencer’s Retail, which currently runs 400 stores in 65 cities under different formats, including super market, hyper market, express and dailies, has chalked out plans to clock high growth trajectory. “We are targeting Rs.1,800 crore revenues by the end of the current financial year against Rs.1,000 crore achieved last fiscal,” said Mr. Goenka.
The company is also exploring options for multiple tie-ups with international firms in the next six months.
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