New Delhi, Sep 14 (UNI) Spencer's Retail Ltd, a unit of RPG group, today said it will infuse about Rs 2,000 crore in the next 2-3 years for expansion and renovation of its stores.
''We will invest a major chunk of Rs 2,000 crore for expanding our retail outlets to 1,000 by the end of this fiscal, while rest of the money will go for renovation,'' company's Vice President (North) Satyaki Ghosh told UNI.
He added that the expansion will be funded through internal accurals.
The company will raise the number of outlets to 1,000 stores by the year-end from the existing 450 stores. Besides four metros, Spencer's plan to set up the outlets in tier-I and tier-II cities, like Jodhpur, Pune, Ahmedabad, Nagpur among others.
With expansion plans on the cards, the company aims to triple its revenue this fiscal from last year's revenue of Rs 600 crore.
The company has earmarked 17 million sq ft of area to set up the retail stores across the country.
Commenting on the protest against several retail stores, Mr Ghosh said, ''We are running our business for the last 10 years and have never shut down our stores due to any agitation by traders and in future too, we feel Spencer will not be facing such a situation.'' Spencer's retail is the leading supermarket chain in India.
It offers customers a customised and convenient shopping experience in five different formats. Each format, namely the Spencer's Express, Spencer's Fresh, Spencer's Daily, Spencer's Super and Spencer's Hyper is differently sized and caters to the various needs of the consumers.