Spencers' to invest Rs 2,500 crore for expansion

The RPG Group announced its plans to invest Rs 2,500 crore to expand its Spencers’ retail chain. The company will be setting up 1,000 stores by the year 2009, a significant increase from its current 125 stores. The company will be expanding the Spencers’ brand in two phases, the first phase completing by 2009 where an investment of Rs 1,000 crore will be made to increase the number of stores to 1,000. During this period the Spencers’ brand will be made the company’s flagship brand. The second phase of expansion will take place from 2009 to 2011, when the company will invest Rs 1,500 crore to further expand its operations.