Spencer: Rs 500 cr from specialty retail in 3 yrs

RPG Group company Spencer’s Retail targets to increase its turnover from its speciality division five fold in the next 3 years. The retail chain plans to increase its revenue to Rs 500 crores from speciality section.

The specialty division comprises Music World, international apparels brands, Beverly Hills Polo Club, Ladybird, Marc Ecko and cafe chain Au Bon Pain.

To aim for its targets, the company is investing around Rs 30 crores this year on retail store expansion.

The company has plans to open 4 stores for Marc Ecko, 4-5 stand alone stores for Ladybird (currently outlets in Spencer’s Hypermarkets), 30-35 stores for Beverly Hills Polo Club brand by the end of the fiscal in cities, including Pune, Ahmedabad and Baroda, to add to the existing 14 stores at present.

With that the contribution of the specialty division to the overall turnover of Spencer's Retail will  increase to up to 25 per cent in the next three years from 10 per cent at present.