Spencer's Retail Ltd on January 16, announced the launch of a new format chain, 'Spencer's Value Market'. The new format chain targets value-conscious consumers in tier two and beyond, completing its reach across the entire consumer spectrum, said Shashwat Goenka, sector head of RP-Sanjiv Goenka Group.
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Part of the RP-Sanjiv Goenka Group, the retailer will open new stores in six South Indian cities this month.
There are around 185 stores in the retailer's network that cater to the mid-to-premium market. "Spencer's Value Market is a new-age hypermarket serving modern, well-informed and value-conscious customers. Value Market is all set to launch at six locations, namely, Karimnagar, Warangal, Kurnool, Guntur, Bhimavaram & Vijayanagaram between January 16-23," Group's Head- Retail & FMCG, Shashwat Goenka told PTI.
However, the company did not disclose the investment details.
"We hope to open 10 stores by March this year and gradually expand to other locations in due course. The new stores will be smaller and between 8,000-12,000 square feet," an official told PTI.
According to the publicly-listed retailer, the new stores will offer a minimum of 6 percent off all daily essentials every day.
A total of 152 stores are currently operated by Spencer's hypermarket across 11 Indian cities. In 2019, Nature's Basket was acquired from Godrej Industries and had about 35 stores scattered across West and South India.
Spencer's Retail reported consolidated revenue of Rs 1,270 crore and a loss of Rs 87 crore for the first half of FY23, which ended in September.
(With Inputs from PTI)
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