Why he matters: Foraying into the business of tomorrow, this new-age tycoon is committed to the company motto of building and growing legacies. We summarise his success story of revitalising the retail arm of the RP-Sanjiv Goenka Group and writing the next chapter.
Entering a 200-year-old business empire a decade ago, a 22-year-old Shashwat Goenka was determined to modernise it and better align it to the future. And his very first challenge—revitalising Spencer’s Retail—was won when the brand doubled in value under his remarkable leadership!
Although this arm of the business had been in the group’s fold since 1989, it needed a boost, after shuttering 300 stores. A pragmatic thinker and a prudent businessman, Shashwat focused on the hypermarket format to cut down on real estate and labour costs.
But that wasn’t all... Judiciously, to improve margins, he decided to raise the focus on non-food categories, with private labels playing a significant role in the matter.
“I want to be in consumer-led businesses and reduce dependence on regulated ones,” he had said.
Thanks to his initiatives and strategy to be such a consumer-led business, their gross margins soared from a mere 17 percent in 2013 to 31 percent in 2023.
The New Age Nexus
Shashwat is committed to foraying into the business of tomorrow. Living in the age of omnichannel retail, with convenience and accessibility ruling the roost, his acquisition of Meragrocer.com, in 2018, which became the Spencer’s app, made them highly profitable.
Expanding their portfolio, Shashwat led the takeover of Nature’s Basket to cater to their premium customers and also launched Spencer’s Value for their everyday shoppers. Aspirational yet affordable, his target is to provide every customer with a wide assortment of products.
As a Director at RPSG Ventures, he also invests in startups, further planning to launch a Rs 500 crore fund to invite external funding.
“We are data driven and less emotion driven. It’s about working collaboratively.”
Working alongside Dr. Sanjiv Goenka, Chairman of the RP-Sanjiv Goenka Group and his father, Shashwat shares his empirical nature and believes in reinventing their company legacy together, to pave the path towards an innovative, forward-thinking future.
To see who else is on the list, grab the copy of HELLO! India’s August 2023 issue right here!
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