RPG Enterprises' Spencer's Retail is set to invest up to Rs 100 crore in the coming financial year to open, close to 15 large-format stores.
“The stores would cover an area of 15-30,000 sq. ft. each. We would be adding another half a million square feet of shop floor area this year,” said Mr Vineet Kapila, Chief Executive Officer, Spencer's Retail.
Spencer's Retail had said last month that it was in talks with a private equity firm to offload 15-20 per cent stake in the company.
However, commenting on the proposed stake sell-off by Spencer's Retail, Mr Kapila said that the company would do it only when the market conditions were right and as of now the company had enough cash to fund its expansion plans.
Spencer's sales have been up 20-30 per cent and the company expects to have a turnover of Rs 800 crore in FY09-10. The company, at present, has 275 stores across 50 cities, 36 of these stores are large format stores. The company has a retail footage of 1.1 million sq ft.