Spencer's to double its retailing space

To set up nine hypermarkets across India

Spencer's, the retail division of the RPG group, will double its total retailing space from the existing level of 3.5 lakh sq.ft. within the next six months, according to J H Mehta, president of the Spencer's Retail.

Addressing a press conference here on Thursday, he said that the total investment for the expansion in the retailing space would be funded mostly through internal accruals and a part of it would be through debts.

However, he declined to disclose the investment that would be incurred by the company.

Subsequently, the total retailing space would be increased to 40 lakh sq.ft., spread across all major cities in India.

The retailing business has been restructured and four separate formats have been created. These have been named Spencer's Fresh, Spencer's Daily, Spencer's Super and Spencer's Hyper. However, MusicWorld has been retained as it is.

He also said that nine new hypermarkets would be opened in the next six months. Of these, seven would be in Delhi and the other two would be in Aurangabad and Hyderabad. Their first hypermarket in Chennai would be set up at the upcoming Ampa Mall in six months.

The hypermarket, which has already established a strong presence in the South, stocks more than 25,000 products that include groceries, fruits, and vegetables.

The firm is focusing on enhancing its presence in the northern region over the next few months. He added that the chain is planning to expand to the West and the East (Kolkata, in particular) of the country as well. "We have already contracted the land for the outlets," Mehta added.

Mehta mentioned about a probable IPO (initial public offering) of the Great Wholesale Club Ltd, the holding company of Spencer's.