Spencer's Retail targets Rs 1,150 crore turnover

Spencer's Retail has announced that it has plans to expand fifteen large format stores with an investment of Rs 100 crore. The company is eying to post a turnover of Rs1, 150 crore in FY 2010-11, up from Rs 920 crore in FY 2009-10.

Spencer's will focus, predominantly on tier-II and III cities. It will add 5 lakh sq.ft of trading area to the existing one million over the next one year.

Vineet Kapila, president, Spencer's Retail, said that private label is doing well and is contributing 15 per cent of the total revenue. Regarding shelf space, private label products are kept in the same bay/shelf as the manufactured brands in similar category.

It is planning to expand its retail presence predominantly in West Bengal, Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, Maharashtra, Gujarat and NCR. Most of the stores would be in malls.

Spencer's Retail is one of India's largest multi-format retailers. Spencer's focuses on verticals like fresh fruit and vegetables, food and grocery, personal care, garments and fashion accessories, home and office essentials, electrical and electronics.