Spencer’s Retail, a prominent player in the value retail segment, has announced plans to shut down 10 of its stores in Tamil Nadu by the end of September as a result of the stores’ consistent underperformance.
The announcement was made through an official statement, where Spencer’s Retail disclosed, “We have decided to close down its 10 loss-making stores in Tamil Nadu by 30th September.” These stores, while being a part of the retail chain, contributed only 1.2 per cent of the company’s consolidated revenue in the fiscal year 2022-23.
As of June this year, Spencer’s Retail operated a network of 152 physical stores with a cumulative trading area of 13.29 lakh square feet.
According to the recent financial quarter ending in June Spencer’s Retail reported a net loss of Rs. 64.13 crore, reflecting a trend of widening losses. Furthermore, the company experienced an 8.18 per cent decrease in revenue from operations, amounting to Rs. 570.17 crore during the same quarter.
