Spencer's to cover 10-12 cities in hyper delivery by FY18
Spencer's Retail is steadily expanding its omnichannel presence and is planning to cover 10-12 cities in hyper delivery model for online orders.
The retail chain launched its online channel in 2016 and is available across Hyderabad, Chennai, Kolkata, Delhi-NCR region and Vishakhapatnam, a company official said.
"In the current fiscal Spencer's proposes to cover around 10-12 cities for online shopping delivery," he said.
Currently, Spencer's operates some 125 stores, including 38 large-format ones in 35 cities in India and the company will leverage these physical stores for online order deliveries.
Spencer's did not mention sales from the online platform but said the response is encouraging and so the company us expanding the coverage.
Meanwhile, Spencer's had narrowed down its losses on the back of higher revenue.
The net loss came down by 9 per cent year-on-year to Rs 129.39 crore in the last fiscal from Rs 142.28 crore in the previous fiscal.
The retailer s turnover grew over 8 per cent y-o-y at Rs 2,021.27 crore in 2016-17.
Chairman Sanjiv Goenka had said Spencer's has made cash breakeven in the first quarter of FY18'.
It will get demerged from CESC into an independent company with effect from October 1, subject to approval of the National Company Law Tribunal.