Spencer’s Retail launched its new format chain, ‘Spencer’s Value Market,’ on Monday, aimed at value-conscious shoppers. The company, which is part of the RP-Sanjiv Goenka Group, will launch new locations in six South Indian towns this month.
The company operates over 185 locations that cater to the mid to luxury sectors.
Spencer’s Value Market is a contemporary hypermarket that caters to clients who are well-informed and value-conscious. Value Market is slated to open in six sites between 16 January and 23, including Karimnagar, Warangal, Kurnool, Guntur, Bhimavaram, and Vijayanagaram, according to Group’s Head- Retail & FMCG, Shashwat Goenka.
The business intends to build ten stores by March of this year and then gradually expand to additional regions. The new stores will be smaller, ranging in size from 8,000 to 12,000 square feet.
According to the publicly-traded business, the new outlets will provide a bold guarantee of a least 6 per cent discount on all items every day to assure the lowest pricing on daily needs.
It presently runs 152 outlets under Spencer’s hypermarket in 11 Indian cities. Nature’s Basket, which was purchased from Godrej Industries in 2019, has around 35 outlets primarily in West and South India.
Spencer’s Retail reported a consolidated revenue of Rs 1,270 crore and a loss of Rs 87 crore in the first half of FY23, which ended in September.