Spencer’s Retail, which has so far been present in premium and regular aspirational retail segments, is entering the growing ‘value’ segment with the unveiling of a new hypermarket chain, called ‘Value Market’.
The RP-Sanjiv Goenka Group’s multi-format retailer is launching the Value Market stores, catering to value conscious customers, in tier III and IV cities. The company is likely to launch at least 10 such stores by the end of this fiscal. To start with, it is converting a few existing Spencer’s regular stores to value market stores.
Stores of Natures Basket, the company’s wholly owned subsidiary, cater to the premium model, while Spencer’s stores are for the aspirational segment.
“The third segment of the consumers, which we are not playing in today, is the extremely value-conscious consumers. That is the segment of consumers we are now targeting as well. And, for that, we are launching a new format which will target that particular segment,” Goenka told reporters on Monday.