OUR VISION IS TO PROVIDE A FINE LIVING AT AN AFFORDABLE PRICE
SHASHWAT GOENKA SECTOR HEAD, SPENCER’S RETAIL LTD RP-SANJIV GOENKA GROUP
Spencer’s Retail is one of the earliest entrants in the retail space in India, introducing consumers to the concept of organized retailing. The aspirational food retailer currently runs 138 stores across 36 cities in both large and small formats. As a consumercentric company, the retailer takes pride in constantly innovating to expand its offerings. Says Shashwat Goenka, Sector Head, Spencer’s Retail Limited, “We are focusing on strengthening our non-food portfolio and improving the shopper’s experience in the food range. Consumers view us as being synonymous with quality and, hence, from being their preferred food destination, we have now extended a similar offering in the non-food space with categories like apparel and general merchandise.”
More recently, Spencer’s omnichannel business, www.spencers. in, and its foray in fashion with 2Bme range of apparel for men, women and kids, has been highly accepted and appreciated by its customers, which ties in with its mission of “delighting the consumer” by creating a 360 degree memorable brand experience. It is also aiming to grow and strengthen its retail network in the north, south and east of India. “Over the years, Spencer’s has been able to recognize the needs and aspirations of the customers in the specific geographies it operates in. They are looking for an international shopping experience at Spencer’s. Thus, we have been focused, innovative and protective while catering to the organized retail market. With this approach, we have matured and evolved as a retailer and it has given us the chance to grow and preserve our strong customer base,” observes Goenka, in an interview with Progressive Grocer with whom he shares his vision and future roadmap of Spencer’s.
What is the customer proposition and marketing positioning of Spencer’s store chain?
Spencer’s Retail’s brand proposition “Makes Fine Living Affordable”, promises a great shopping experience to the customers. We offer a wide range of assortment from every category – fresh fruits and vegetables, staples and grocery, fish and meat, bakery items, beauty and personal care products, apparels, electronics and electrical items, and home essentials – to cater to the needs of all. With more than 25,000 SKUS (stock keeping units), we are in tune with our customers’ “fine living” quotient, which also generates an experiential shopping journey at Spencer’s. Currently, Spencer’s runs 138 stores across 36 cities in two retail formats – large and small.
Our brand proposition personifies Spencer’s philosophy of delighting the shoppers with the best products and services by empowering shoppers to make smart choices. Spencer’s key USP is to focus on customer-centric innovations under one roof, with an experiential play. More recently, our omni-channel business, www.spencers.in, and our foray in fashion with 2Bme range of apparels for men, women and kids, has been highly accepted and appreciated by our customers.
“Delighting the consumer” by creating a 360 degree memorable brand experience is what Spencer’s aims for. Today, consumers are highly stressed, so shopping should be enjoyable and engaging. Therefore, rather than choosing to play the price game, Spencer’s focuses on establishing itself as the preferred shopping destination for young customers looking for an extensive range of quality products and a global shopping experience.
Spencer’s has been able to create a brand promise with its retail design strategy. This has evolved to cater to the well-travelled and globally exposed newage shoppers seeking an international experience at the store level. Our vision of providing a fine living at an affordable price is translated through our store
With more than 25,000 SKUS (stock keeping units), we are in tune with our customers’ “fine living” quotient, which also generates an experiential shopping journey at Spencer’s. Currently, Spencer’s runs 138 stores across 36 cities in two retail formats – large and small.
design as well, which our consumers appreciate each time they visit the store.
Shopping at Spencer’s is a visual treat, enhanced by “Heritage Wall” that tells the Spencer’s history, curved signage featuring the signature “Makes Fine Living Affordable” tagline, and category-specific color arches suspended over zones and departments to provide visual relief and act as navigational aids. This has also abetted Spencer’s to become a worldclass hypermarket retailer from being just another grocery retailer.
Spencer’s has been redefining the Indian retail landscape since 1863 and, with the changing shopping trends, the consumer has always been able to find Spencer’s at a convenient location. Even now, after more than 150 years, Spencer’s still continues to inculcate the same kind of trust and patronage among its millions of consumers across India.
What is your location strategy of Spencer’s stores? Which locations do you prefer and what part do they play in your store sales?
The location strategy of Spencer’s Retail is to expand the store presence in clusters within our existing geographies. We generally prefer locations that have a 360 degree catchment with potential customers who aspire to get quality products at an affordable price and wish to experience a world class shopping environment. Currently, our focus is in the north, south and east of India.
Did you carry any major course correction or makeover of your business in the past? If yes, what has been the result of such reformatting?
The success of Spencer’s has been built on four pillars – choice, price, quality, and service. Since past year, Spencer’s is majorly emphasizing on strengthening its non-food portfolio along with improving the shopper’s experience in the food range. We have elevated consumer experience and engagement in categories like apparel with the success of our 2Bme fashion range and enhanced the product range in our General Merchandise and Electronics department. Our aim is to consistently give customers something new to experiment with while shopping at Spencer’s. Also, we have realigned most of the categories in terms of the “catchment needs”. The backend of “fresh and staples” has been further strengthened to deliver freshness, quality, and availability of the products.
As a course correction, Spencer’s closed down loss-making stores in some of the regions and started realigning the geographies we are currently present in. We have also set up Distribution Centres in each region.
Spencer’s has taken a dedicated approach using advanced techbased solutions. It has carried out significant development in Enterprise Resource Planning Integration with high volume suppliers to ensure timely replenishment.
SHASHWAT GOENKA Sector Head, Spencer’s Retail Limited