Spencer’s, the oldest modern retail brand in India, is the pioneer in hypermarkets in India, having introduced the first one in 2001. The brand, which owes its success to its customer-centric approach, has not failed shoppers even during the pandemic. Amidst a global health crisis, Spencer’s worked towards initiating innovative, out-of-store efforts to ensure customer safety and convenience.
Going forward, the brand aims to transform into an omnichannel retailer which can cater to evolving customer requirements and also be innovative and agile enough to respond to customers in a timely fashion.
In an interaction with Progressive Grocer, Shashwat Goenka, Sector Head (FMCG & Retail) at RP-Sanjiv Goenka Group, talks about the journey of his brand and how it has won over customers in times wrought with fear of contagion.
Excerpts from the Interview:
The first ever hypermarket in India was launched by Spencer’s. It is a pioneer in its own way. What are the other milestones that the brand has achieved?
In 1980, Spencer’s launched the first supermarket in India. In 2001 the first hypermarket was opened and after that it has always been an ongoing legacy for us. For example, in 2007, we launched the first hypermarket in Durgapur, Lucknow and Vijaywada.
We also pioneered app-based grocery ordering in the year 2015, becoming India’s first omnichannel retailer in the true sense.
What is the major customer value proposition of Spencer’s?
Spencer’s is known for its wide range of assortment, trusted quality, and strong focus on differentiated offerings in food and non-food alike.
Our company’s target customer base is upwardly mobile SECs as well as the more evolved consumers with a primary focus on literate women who are looking for a wide variety of choice at competitive prices during their shopping.
We are also a one-stop retail destination for different categories such as fresh produce (fruits, vegetables, fish, meat), bakery and staples with a keen focus on promotion-driven products in FMCG.
We also have a strong presence in providing experiential retail in gourmet food, imported food, uniquely sourced items as well as wine and liquor.
What is the range of products that you offer and which of these are the fastest moving? How many SKUs do you have on offer?
We offer fruits, vegetables, fish and meat, bakery, staples, FMCG, general merchandise, electronics and apparel. In each segment there are sub-segments to cater to our customer base.
For example, our range includes unique propositions such as hydroponics and greenhouse-grown fruits and vegetables, bakery products made fresh-in-store, wide range of organic produce and staples, a section which celebrates the different regions of India, and of the world, and uniquely designed own-brand of apparel under 2Bme brand.
Each of our stores has an assortment ranging from 35,000 to 50,000 SKUs.
Tell us about your private label products. How much do they contribute to the overall revenue?
Private brands is a large part of Spencer’s strategy. They straddle across staples, FMCG, general merchandise and apparel. Our biggest brand is Smart Choice, which encompasses products across all food categories. Our other brands are Bath & Beauty Co, Hands On, Kitch, Inscapes, DoubleTick, and 2Bme.
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