Spencer pumps in Rs 400 cr for expansion

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Revealing that Spencer's Retail Limited, a company of Rs 1500 crore turnover was in the Expansion mode, Ramesh Menon, Senior Vice President of the company on Friday said that the company would pump in capital of Rs 400 crore more to achieve the target turnover of Rs 2500 crore in the current financial year.

"We have planned to open 300 more small stores apart from 23 hyper market stores in the country to reach the figure of total 700 crores, for which the company will pump in a fresh capital of Rs 400 crore", Menon, while inaugurating the company's 30th Super Store in the Punjab, told reporters.

Out of total planned 300 new stores, six Hyper Market stores would be opened in districts of Punjab including, Bathinda, Patiala, Amritsar, Pathankot, Chandigarh and Ludhiana, he said adding that apart from six Hyper Market stores, 25 small stores would also be opened in the state.

Asked what was the difference between the Hyper Market stores and Super stores on the company, Menon said that area of the Hyper stores would be approximately 25,000 to 30,000 square fit, having full range of electronic items as well, where as in Super stores, emphasis was being given to daily use items.