Spencer Gifts is a store that sells novelty items, party lighting(disco balls, strobe lights, beacons, lava lamps, etc.), and luv stuff. During halloween Spencers sells some hardcore halloween items.
Guy 1: Hey look theres Spencer Gifts!
Guy 2: Yeah lets go. I'm thinking about getting a lava lamp for my dorm.
A store that used to be good and pretty funny for normal people but recently has lost all humor and become a place for mallrats and perverts hang out; where you can get your erotic board game, hookah, weed t-shirts, and anything normal thing turned into something to do with a dick, vagina, boobs, or balls all at once.
A couple teenage workers got arrested at Spencer's Gifts for telling a cop how to use a hookah to smoke weed.
The "no boxed gifts" simply means that the couple prefers cash, which is a often a customary "gift" in India by persons other than close friends and family.