Spencer's Retail launches new retail format 'Spencer's Value Market'
Spencer’s Retail has launched a new format of chain stores named ‘Spencer’s Value Market’ to cater to value-conscious shoppers. The fast moving consumer goods business will open six new stores in this format this month.
All six of the stores will open in South India, ET Bureau reported. These stores will open in addition to the 152 Spencer’s Hypermarket stores the business currently operates in the mid to premium segments of the market.
“Spencer’s Value Market is a new-age hypermarket serving modern, well-informed and value-conscious customers,” said Spencer’s Retail’s group head of retail and FMCG Shashwat Goenka, the Press Trust of India reported. “Value Market is all set to launch at six locations, namely, Karimnagar, Warangal, Kurnool, Guntur, Bhimavaram, and Vijayanagaram between January 16 and 23.”
By March this year, the business aims to have opened 10 'Spencer's Value Market’ stores with a slightly smaller size. The value stores will offer shoppers a minimum 6% discount on all products with the aim of offering the best price on daily essential goods.
Spencer’s Retail is part of the RP- Sanjiv Goenka Group which also runs Nature’s Basket stores. Spencer's Retail reported a consolidated revenue total of Rs 1,270 crore during the first half of the 2023 financial year with a total loss of Rs 87 crore.
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