RP-Sanjiv Goenka Group business Spencer’s Retail plans to close 10 of its stores in the state of Tamil Nadu by the end of this September. The decision has been made due to the stores’ loss-making performance as part of the business’ regular performance evaluation.
The business, “has decided to close down its 10 loss-making stores in Tamil Nadu by September 30,” Spencer’s Retail announced in a statement, the Press Trust of India reported. “These stores contributed 1.2% of the consolidated revenue of the company in 2022-23.”
At the end of June this year, Spencer’s Retail counted 152 brick-and-mortar stores with a total trading footprint of 13.29 lakh square feet, Indian Retailer Bureau reported. The business also counts 34 stores under its natural product-focused ‘Nature’s Basket’ brand which have a total trading area of 1.03 lakh square feet.
In the recent June financial quarter, Spencer’s Retail had reported a net loss of Rs 64.13 crore showing a trend of widening losses, the Press Trust of India reported. The business also saw its revenue from operations drop by 8.18% to total Rs 570.17 crore during the quarter.
Spencer’s Retail is positioned in the value segment of the market and aims to offer durable goods for affordable prices. The business’ retails products including clothing, accessories, personal care goods, and groceries for the whole family, according to its Facebook page.
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