Retail News You Can Use
Spencer's to promote 'fashion'
Spencer's Retail is taking a closer look at fashion merchandise in a bid to boost its contribution to turnover. This will be through the launch of private and foreign labels. The target is to raise the contribution of fashion from a mere 10% to 30%. The price will remain within the 'affordable' bracket for volume turnover. The lines will be retailed form the chain's larger outlets where as much as 25% of the space will be allocated to apparel.
"We have always been known as a food and retailing brand. We now intend to change our image and tap the fashion segment as well," Samar Singh Sheikhawat, vice-president (marketing), Spencer's Retail, said.
Lifestyle to invest Rs 500cr to open 38 stores
The Dubai promoted, Lifestyle chain in India is to be expanded rapidly. An investment of Rs 500cr is to be made over the next four years to add 38 department stores in the range of 40,000 – 80,000 sqft. Currently there are 18 Lifestyle outlets in India. Amongst the cities being targeted are Jalandhar and Ludhiana.
Reliance Retail plans future iStores
Reliance Retail has disclosed its plans of opening 50-60 iStores in tier I cities across the country over the next 18 months. About 150 Reliance Digital stores are also in the offing to be opened by 2011-2012.
Koutons targets Rs1300cr this fiscal
Koutons Retail hopes to double last year's turnover and achieve Rs 1300cr this year. The store count will go up to 1,800 stores. A thrust area is 'Family Stores' which will be increased to 100 stores. The company will also go international by opening stores in the Middle East.
Spencer's Retail posts loss for 2007-08
The RPG promoted, Spencer's Retail Ltd posted a loss of Rs 149.9cr before taxes for the financial year 2007-08. This was on a turnover of Rs 812.8cr. Post deferred tax credits, the loss would be lower at Rs 89.30cr.
Oswal to close down Straps
The Ludhiana based Oswal Group's chain of lingerie stores, Straps, is to be wound up. There are currently 22 exclusive 'Strap' stores in Delhi, Ludhiana, and Gurgaon. No specific reason has been offered or plans for the future.
Contributed by:Nithin Narayanan