Spencer’s Retail – a shopping mart that has long been serving Visakhapatnam’s grocery needs – is finally closing shop. All outlets across the city are shutting down as part of the retail chain’s strategy to minimize losses in the region. In line with this, Spencer’s Retail is closing its stores across Andhra Pradesh, Telangana, Tamil Nadu, and the Delhi-NCR area. The retailer, which currently operates nine stores in Visakhapatnam, will be shutting down all these locations completely by October 2024. This follows the company’s earlier retreat from Tamil Nadu and Kerala last year.
With these closures, Spencer’s Retail will now shift its focus to Eastern Uttar Pradesh and its core market in West Bengal.
According to a report by Telegraph India, the board of the RPSG Group has approved a plan to scale down operations in these regions and concentrate on the higher-growth and more profitable markets in the east and Uttar Pradesh, where future expansions are planned.
Moreover, reportedly, the Net Loss of Spencer’s Retail was reported to be Rs 80.69 crore in the quarter that ended on March 2024 as against the net loss of Rs 61.23 crore during the previous quarter ended March 2023. Sales rose 0.63% to Rs 546.79 crore in the quarter ended March 2024 as against Rs 543.39 crore during the previous quarter ended March 2023.
Meanwhile, residents of Visakhapatnam have taken the closing of Spencer’s on a personal note, as many residents have fond memories of shopping here closely associated with the mart. Yo Vizag posted about it on Instagram, with information from sources from the shop citing that there will be a clearance sale until closure. One netizen commented, “Spencer was the first supermarket for Vizag people. It’s a childhood memory…”.
Others agreed with the sentiment, with one user saying, “A big supermarket in 2010s…those vibes can never be matched by DMart, Big Basket.”
Many other Visakhapatnam residents shared their experiences and memories with Spencer’s, some expressing that the mart is a childhood memory. and others reminiscing over how they would visit it for their grocery needs back in the day.
Read latest- Rajinikanth’s ‘Coolie’ begins shooting in Visakhapatnam
Stay tuned to Yo! Vizag website and Instagram for more city and news updates.
Andhra Pradesh Chief Minister N Chandrababu Naidu has announced a major welfare initiative for women,…
A fire erupted at a steel plant in Visakhapatnam, Andhra Pradesh, following the spill of…
The election for the Deputy Mayor of the Greater Visakhapatnam Municipal Corporation (GVMC) has…
Two retired defence officers from Andhra Pradesh, Colonel K Srinivas and Captain C D N…
In a move that could disrupt major upcoming film releases, cinema exhibitors from the Telugu…
The Indian Institute of Petroleum and Energy (IIPE), Visakhapatnam, is set to become home to…
Leave a Comment