RPG Group Spencer's Retail reports 60% growth
According to unconfirmed reports in the local press, RPG Group-owned Spencer's Retail has reported 60% growth in its large-format stores across 2008. It has identified 50 commercially unviable stores which will be relocated over the next few months, a company official said.
The company has added five product lines to its portfolio including fashion, toys, in-house cafe, casual dining and furniture. Spencer’s added the Beverley Hills Polo Club brand and Ladybird for kids to its fashion range. New labels include Chad Valley, Au Bon Pain (mid-premium café) and Livin Smart (private label furniture).
Spencer's Retail VP Marketing Samar Singh Sheikhawat said: "In order to appeal to new Indian customers while retaining the extensive brand equity, we launched a retail design programme called Taste the World. Also, we renovated our store design which helped increase footfall in our stores throughout the year. Over the next two years, we plan to open another 400 Spencer's stores, involving an investment of about INR200 billion (USD4.3 billion). The customer sentiment had been very encouraging in 2008. In spite of the global economic crisis, recessionary and inflationary trends, our sales have seen robust growth of about 5% on a month-on-month basis.
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