Kolkata: Spencer’s Retail Ltd on Monday announced opening a new format chain ‘Spencer’s Value Market’ that targets value-conscious consumers. Part of the RP-Sanjiv Goenka Group, the retailer will open the new stores in six South Indian cities this month.
The retailer has around 185 stores that cater to mid to premium segments.
“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 said.
Investment details were not disclosed.
“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 said.
The new stores will be offering a bold promise of a minimum 6 per cent discount on all products everyday to ensure lowest price on daily essentials, the publicly-listed retailer said.
Under Spencer’s hypermarket, it currently operates 152 stores across 11 Indian cities. Under Nature’s Basket, which was acquired from Godrej Industries in 2019, it has about 35 stores concentrated in the West and South India.
In the first half of FY23, ended September, Spencer’s Retail reported a consolidated revenue of Rs 1,270 crore and a loss of Rs 87 crore.