Spencer's to open 300 new outlets in this fiscal

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Kolkata, Jun 7 (UNI) Spencer's Retail, an arm of the Rs 135 billion RPG Enterprises, plans to open 300 new outlets in the current fiscal and invest Rs 1200 crore over the next 18 months for doubling its floor area in the country.

'' We plan to double the floor capacity to 2.2 million square feet from 1.1 million and spread network to 71 cities from the present 65 in the next 18 months, '' RPG Vice-President Sanjiv Goenka said while announcing the company's tie-up with Woolworth's Plc UK for for exclusive sell of its Chad Valley brand toys through Spencer's hypermarts.

He said the company had already spent Rs 10,000 crore and the entire funding would be from internal accruals.

Mr Sanjiv Goenka said all the Spencer's all the 400 rpt 400 outlets across the country would have Chad Valley products.

'' The toy market is expanding by 30 per cent. Out of one billion Indians, 160 million are childrend below seven years while another 190 million are between seven and 14 range. So we hope to capture that market with children's products, '' he said.

Mr Goenka said Spencer's would have tie-ups with three more international brands this year. He, however, refused to divulge details.

Announcing that this was Woolworth Plc's first venture into the Asian market, its international head Simon Brown said the company was planning to have two to three standalone outlets in the country for Chad Valley products through its tie-up with Spencer's.

UNI KDG SJC RN/src1902

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