Spencer's expansion plan, to add 10-15 stores every year

Spencer’s Retail today said it will open 10-15 stores every year focusing at hyper format over the next few years.

“We plan to open 10-15 stores, mostly in hyper format each year over the next few years. We will open nine stores this year the against 11 stores in FY14,” sector head (retail) of RP-Sanjiv Goneka group Shashwat Goenka said on the sidelines of launch of mobile shopping app.

Spencer’s Retail is an arm of RP-Sanjiv Goenka group.

Asked about capex plans, he said to open each store it costs Rs 3-5 crore and on this basis Spencer’s will pump anywhere between Rs 40-60 crore a year in adding new stores.

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The retail arm currently operates 126 stores including 33 in large format in 40 cities of the country.

Spencer’s had closed several small format stores in the past across places it operates.

Goenka declined to comment on West Bengal Agricultural Produce Marketing (Regulation) Amendment Bill 2014, that allows direct procurement of produce from farmers.

Meanwhile, it launched Spencer’s Mobile App today to give shoppers a new experience in shopping at the retail chain.

Goenka, said after research it was found that in certain areas customers satisfaction could not be met and the focus being customer-centric, “we wanted to revolutionise the way customer shops and the app is a significant step towards forging value-based, one-on-one relationships with shoppers.”

“The app has been designed to give a convenient interface to shoppers which will keep them up-to-date about what is happening in our stores,” he said.

PTI