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Retailer gains an immediate presence in Mumbai, Bengaluru and Pune.
Spencer’s Retail, owned by RPG Enterprises, announced that it will acquire convenience retailer Nature’s Basket from Godrej Industries. The deal is estimated to be valued at US$43m and is awaiting approval from shareholders of both companies.
The RPG Group currently operates 156 supermarkets that are located mostly in eastern India. The acquisition gives Spencer’s Retail access to the more densely populated areas of west India.
Currently, Nature’s Basket has 36 stores selling fresh vegetables, fruits, cheese, meats as well as a range of organic foods and dairy. These stores are primarily in Mumbai, Bengaluru and Pune. Nature’s Basket also has its own online portal and mobile app which allows shoppers all over India to have groceries delivered to their doorstep.
“Nature’s Basket has a strong portfolio of private label brands which has huge traction with its consumers. We believe there is huge potential to expand this to Spencer’s stores. It also has a strong e-commerce presence, and we believe that fits in well with our omni-channel strategy at Spencer’s," said Shashwat Goenka, sector head, retail and FMCG, RPG Group.
Healthy Alternatives, L’Exclusif and Nature’s are its private label brands, covering many different categories.
Find out more information about Spencer’s Retail here.
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Nine new stores opened in 90 days.
Spencer’s Retail Limited, India’s oldest retailer, boosted its presence in the country by opening nine new stores in the past three months. The multi-format retailer now operates more than 140 stores across 40 cities. Of these, 33 are large format hypermarkets called Spencer’s Hyper.
Instead of network expansion into new territories, the retailer has focused on improving its store network in existing cities. Its recent stores were opened in cities such as Kolkata, Lucknow and Hyderabad. These stores range in size from 180 sq m to 2,300 sq m.
Part of the RP Sanjiv Goenka Group, Spencer’s Retail provides a wide range of grocery products in a modern retail environment. Based in Kolkata, it is well established in north, east and north-east India. Many stores also provide a variety of non-food and general merchandise items such as apparel, home electronics and sporting goods.
Find out more information Spencer’s Retail Limited here.
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RPG Group, which operates Spencer's retail in India, plans to enter FMCG manufacturing.
The new venture set up will sell packaged Indian, western snacks, juices and beverages under the 'Too Yumm' brand from next month. The plan is to launch a new consumer goods brand every quarter. Personal care and other segments will be added later. These products will be sold through retail chain stores, online marketplaces and neighbourhood stores. RPG Group is open to acquisitions of FMCG manufacturers and plans to list the company in the future.
Spencer's retail used to be known as Foodworld, the country's first modern grocery chain store. The company opened its first supermarket in 1996, and opened the 100th store by 2001. It recognised that consumers were not satisfied with kiranas due to the limited brands available and price instability. The company saw a business opportunity by buying in large volumes and creating a steady supply chain. Spencer's started introducing private label 'Care and Esentialz' in 2011. We believe that Spencer will likely enjoy better margins with RPG venturing into FMCG manufacturing.
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