According to Sheikhawat, “With this move, Spencer’s Retail Ltd will now have only two retail formats. It includes, “Spencer’s” for small-format retail stores with an area size of 2,000 sqft to 10,000 sqft, and, “Spencer’s Hyper” with over 40,000 sqft for hypermarkets.” Currently, Spencer’s Retail Ltd runs 368 supermarkets, including 32 large-format stores.” As for the rationale behind the move, Sheikhawat explained, “It has been observed that rentals for large size properties are seen falling by about 40% in the metros, as the prices are now becoming negotiable. Hence, it is affordable to lease out larger properties for setting up hypermarkets than expanding more small-format stores. We have recently relocated Spencer’s supermarket store in Kolkata, Kerala and Hyderabad. Other cities too will witness similar trend.” By the year-end, Spencer’s Retail plans to set up a 70,000-sqft hypermarket at Thane and at Vasai. Sheikhawat said, these properties were signed even before Spencer’s hypermarket was launched at Malad.
Spencer’s Retail now plans to double the number of private label brands from 5,000 to 10,000 as private labels has contributed 15% of the 25% to Spencer’s Retail’s overall sales turnover in the past 18-20 months, he informed.
Sheikhawat added, “In order to combat rising inflationary trends, we are planning to start home meal replacement (HMR), a new take-away meal trend at Spencer’s hypermarket apart from launching ‘Innovative promotions’ such as food festivals -Thai, Brazilian among others. Plans are on the anvil to start at home contact programme for women, apart from contact programme for school children in order to promote various kids competitions as well.”
visit: http://www.financialexpress.com/news/Spencers-set-to-rebrand-small-retail-format-stores/337209/
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