Spencer’s Retail — the large format subsidiary of CESC Ltd — is eyeing a 35 per cent addition to retail space in the next 10 months. The company is looking to add 10 new stores, totalling around 3 lakh sq.ft. of space in 2013.
CESC is the flagship company of the RP-Sanjiv Goenka Group.
According to Sanjiv Goenka, Group Chairman, new store additions will primarily be in the eastern and southern parts of the country.
Some of the locations where the new stores will come up include two stores each in Kolkata and Andhra Pradesh (Rajahmundhry and Kudapa) and one each in Dhanbad, Raipur, Aligarh, Bhopal, Velachery (Chennai) and Vibhuti Khand (Lucknow).
This apart, Spencer’s is set to open a flagship store at the upcoming luxury mall promoted by the RP-Sanjiv Goenka group in Kolkata.
“We are ramping up our presence and this will help us make profits,” Goenka said.
According to him, Spencer’s is eyeing to break-even by March 2014. The focus will also be on changing the product-mix to concentrate more on apparels.
Spencer’s, meanwhile, has appointed KPMG and Ambit to set its roadmap for a possible initial public offer. The consultants are likely to submit a detailed project report by the end of March or early April this year.