Spencerís Retail changes gear
Spencerís Retail which launched Bevery Hills Polo Club (BHPC) in
July 08, 2010 | comments ( 2 ) |
Spencer’s Retail which launched Bevery Hills Polo Club (BHPC) in Mumbai, is on theexpansion spree to open 18 more such stores, this fiscal, making a total of 29 such stores.The RPG group owned Spencer’s Retail, commonly known for its food and grocerybrand is changing its to generate revenue. The retail chain wants apparel to account for athird of its revenue; which is just 10 per cent, currently.
Purnendu Kumar, associate vice president at Technopak Advisors, says this is inevitablegiven the kind of margins apparels can make. “While food and groceries fetch around 10-20 per cent margins, the same is 40 per cent for apparels and accessories,” he adds.
This is the reason why Spencer’s is pushing up the share of private labels to 30 per cent,which is 17 per cent presently, in the next 18 months. Spencer’s also has plans to openfour exclusive stores of Ecko and two of Ladybird, in the National Capital Region.Spencer’s is planning to add one million square feet of retail area by FY 2013 from 0.9million sq ft, presently.
As adopted by other big retailers, Spencer’s is also betting big on hyper markets and haveplans to open six to seven “Hypers” this year.
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