STOCK MARKET BSE NSE

Spencer's plans 15 per cent growth in new retail space; large-format stores to drive business

The retail major is likely to add 2.5 to 3 lakh sqft retail space over the next two years, it said in its investor presentation report, adding the growth will be driven through the large-store format.

Published: 23rd November 2021 08:32 AM  |   Last Updated: 23rd November 2021 08:32 AM   |  A+A-

Spencers

The retail major also pegs the online penetration in India will reach 10.7% in FY24 as compared to 4.7% in FY19.

Express News Service

NEW DELHI:  Spencer’s Retail, part of the RP-Sanjiv Goenka Group, has laid down its future growth path, targeting 15% y-o-y growth in new retail space. The retail major is likely to add 2.5 to 3 lakh sqft retail space over the next two years, it said in its investor presentation report, adding the growth will be driven through the large-store format.

The retail major also pegs the online penetration in India will reach 10.7% in FY24 as compared to 4.7% in FY19. “There are a lot of opportunities for e-retailers in India to capitalise upon with the gradually growing internet penetration in India.”

Out-of-store channel will also be a key driver for growth for Spencer and Natures Basket, according to the company. It plans to service gourmet & international cuisine in existing geographies through Natures Basket and aims at making its gifting studio the one-stop destination for gifting solution across food & non-food categories in India.

The company has been witnessing strong growth in the omnichannel vertical, registering a 6.5x growth from 2019 and 4.5x growth from 2020. In fact, the share of omnichannel grew from single digit of 2% to double digit as a sustainable base.

“Continuous investments are being made in the online platform (deliveries through Ecomm/ Telephone/whatsapp/Chatbot) for enhancing consumer experience,” it adds in the presentation.  “E-commerce will be the fastest growing channel for retail because of the ecosystem -- growing consumerism of the middle class, young population, access to technology platform,” said the company. ORIPL is an e-commerce company and 100%-owned subsidiary of Spencer’s Retail Limited. 



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp