Spencer's Retail to open 70 Beverly Hills brand stores by 2010-11 news
28 November 2009
Spencer's Retail, a subsidiary of RPG Enterprises, said today that it intends to open 70 stores of the premium brand Beverly Hills Polo Club across India during the next fiscal
The company has earmarked Rs20 crore for the purpose and is in negotiations with various mall developers to clinch the best deals on rental schemes, it said.
According to Aunrag Rajpal, Spencer's Retail's vice president (apparel), who spoke to PTI, the company is currently operating only in four company owned stores in Delhi and has a target to increase its presence to 30-40 cities by 2011. Rajpal was speaking on the sidelines of Franchise India Summit in New Delhi.
The company introduced the Beverly Hills Polo Club brand in August this year.
Rajpal said the company is planning to open 60-70 stores by 2010-11 for which it is negotiating with various mall developers. He added that the company was deliberating over models like revenue sharing or minimum guarantee of the stores.
Replying to a question about the possible scale of investment Rajpal said it would depend on the number of franchises and company owned stores. He added that Spencer's Retail has earmarked Rs20 crore for the expansion of the premium brand during 2010-11.
He said the average size of the store would vary between 1,200 to 1,500 square feet.