The company has targeted a turnover of Rs 3,000 crore by the year 2005. To achieve this target, the company will invest close to Rs 600 crore under a massive expansion programme.

Speaking to reporters, Spencer chairman Sanjiv Goenka said the expansion will be funded through sale of real estate, equity and debt.

"We are a real estate rich company, so we will sell off what will be unviable locations for us and get space at better locations instead," he said.

The company is also looking at selling off the `Spencer' brand name and dialogue has been initiated with a few interested parties from the country and abroad. Goenka, however, stated that the brand will be sold only to quality companies.

"We are looking at selling the brand to companies that will like an established name. We have had inquiries from domestic companies which will like the brand namefor their fast moving consumer goods (FMCG) or multinationals who will like to come in with an established name."

However, he clarified that sale of the Spencer name might be only as a product brand. "While the finer details have not yet been worked out, we might still retain the name of our company as Spencer and Company. The kind of people who have approached us are looking at only the product brand name."

As far as the pricing of the brand is concerned, he refused to commit himself and said, "We are looking at a good price. The brand has a tremendous goodwill." There was no time frame for finalising a buyer.

Apart from this, the company is on a roller coaster ride looking at expanding its presence in terms of number of stores. Chennai, for instance will see five more Foodworld outlets in the next 45 days.

The expansion is not confined by national boundaries, says Goenka. Musicworld, the music retail store, is setting up shop in Great Britain and United States. Another focus area will be the traveland airline business, which has grown multifold in the past year.

The only low key performer from the retailing stable was the consumer electronics division. Goenka said that while the existing stores will continue on their own steam, the company was firmly against expansions in that area.

Meanwhile, the company has commissioned a detailed study on the retail business. International consultancy firm AT Kearney, which has been given the mandate, will come out with a detailed report in a couple of months. The report is expected to identify new formats or retailing for the company as well as suggest improvements in the existing business.