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Neil's Statue and Corner of Spencer's Buildings, Madras.
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This is presently the location of Spencer Plaza, a popular shopping mall of Chennai
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Spencer Plaza on Mount Road (known as Anna Salai, officially), promoted by Mangal Tirth Estate Ltd, is spread on a million square feet. The history of Spencer Plaza dates back to 1863-1864 when J. W. Spencer and Charles Durant established the Indian subcontinent's first Departmental store managed by Spencer and Co. After some years, the store was shifted by Eugene Oakshott to a new building. The new building, built in Indo-Saracenic style, was designed by W. N. Pogson. Spencer and Co. made several acquisitions to strengthen its position. Pearson & Co. of Secunderabad, Boyce & Co., Charles Phillmore & Co. and H.S. Smith's and Brandon & Co. of Bombay were a few establishments that were acquired by Spencer and Co. Oakes & Co., the only challenger of Spencer and Co. was absorbed in 1923.
The phenomenal growth of Spencer continued until 1950s when W. Edwards became its Chairman. The company faced several problems at this time like financial crisis, an exodus of the most trusted customers and ban on imports. In 1957, the enormous wealth of the firm's real estate was liquidated and invested in consumer durables and pharmaceuticals. However, all these could not arrest the decline in business.
In 1981, a fire destroyed the interior of the Spencer's store. As the future of the company was not clear at that time, nothing was done to conserve the building and rebuild the burnt part. In 1988, demolition of Spencer's heritage building started and development of Phase-I of Spencer Plaza began. In 1989, Spencer's was sold to the R.P. Goenka Group of Calcutta. In 1991, after Phase-I was completed, the new building was opened for occupation and since then, two more phases have been completed. At present, Spencer Plaza stands where once Spencer's heritage building stood.  |
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© imagesofasia 2007-08 |
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