The growth strategies of retail firms are experiencing challenges owing to escalating real estate rentals. In an interaction with media representatives, K Dasaratharaman, who is the president of specialty retail at Spencer Retail, associated with the RPG group, emphasized that real estate prices play a crucial role in selecting potential locations for new stores. Dasaratharaman expressed their intention to launch 50 specialty stores by the end of the current fiscal year, yet underscored that rental rates would significantly influence the decision-making process regarding site selection.
He remarked, “We definitely want to add another 15 ‘Book and Beyond’ stores and 40 Music World Stores by the fiscal year’s end, but the respective locations for these forthcoming stores will be determined with careful consideration of the prevailing real estate prices. Talks are underway with real estate developers about potential new store openings; however, it's premature to provide specifics on exact locations at this stage.”
K Dasaratharaman made these statements while in Chandigarh to unveil a new vertical of Spencer Retail, namely ‘Book and Beyond.’ This opening marks the sixth physical outlet for the specialty bookstore under the RPG retail umbrella.
Elaborating on the new establishment located at IT Park, Dasaratharaman shared that the store is set to provide an extensive assortment of reading materials along with a wide array of art and stationery products for both home and office use.
This particular store features a curated collection of approximately 35,000 books and magazines, aiming to enhance public accessibility to diverse literary resources within the city. Additionally, the store is designed to cater to entertainment enthusiasts by including a section for music, as well as offering an academic textbook collection and an exclusive selection of Punjabi literary works focused on religion and spirituality.