Spencer’s Retail plans to expand with an omni-channel approach and aims to open between 10 and 15 new brick and mortar stores. The business will open a mix of clothing, food, and lifestyle store Spencer’s Retail outlets along with grocery chain Nature’s Basket stores.
“To transform and thrive in the industry, Spencer’s continues to foster business growth through the omni-channel transition and entering into a new ‘value market’ proposition,” said RP Sanjiv Goenka Group’s chairman Sanjiv Goenka, ET Retail reported.
Spencer’s Retail currently runs 186 stores spread across 44 Indian cities. While 79 of these stores are large-format outlets, 107 are small-format, and 10 are value outlets.
The business’ large-format stores contribute the highest portion of its revenue at 77%. To tap into the growing demand for value branded goods, the business plans to expand its value offering.
In the 2023 financial year, Spencer’s Retail reported a revenue total of Rs 2,485 crore with earnings before interest, tax, depreciation, and amortisation at Rs 36 crore, the Economic Times reported. The business’ e-commerce focused subsidiary Omnipresent Retail India Private Limited saw its first positive EBITDA at a gross merchandise value of Rs 302 crore last fiscal as online shopping continues to increase in consumer popularity.
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