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| Shoppers Stop to invest Rs 150cr in 12 new outlets |
| BS Reporter / Chennai/ Hyderabad May 09, 2009, 00:34 IST |
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Raheja-owned Shoppers Stop will open about 12 stores in the next two or three years at an investment of about Rs 150 crore. This calender year, the company would open one store each in Hyderabad, Bangalore and Ahmedabad.
Speaking to the media at the newly-opened Shoppers Stop at GVK One mall here, chief executive officer Govind Shrikhande said the company had invested about Rs 15 crore in its second outlet in the city.
The third outlet near Hitec City would be ready by September and come up at an estimated cost of Rs 10-12 crore.
The multi-brand outlet, which saw a 20 per cent reduction in footfalls last year, would continue to invest in new outlets as part of its long-term strategy. On an average, it would open at least four outlets every year, he said.
According to Shirkhande, the lull would ease around Diwali but the market would bounce back only during 2010-11. The company was reducing the space in Delhi and other place due to high rentals and decline in the business due to the slowdown.
The group in February had closed down its bookstore — Crossword — at Mumbai airport and at Shoppers Stop stores in Chennai and New Delhi. It also closed down its airport retail store Stop & Go at Mumbai airport.
The group, which has about 11 specialty format stores, is facing the heat of the slowdown and hoping to do better in a year’s time.
It had already wound up Argos and Brio, a food and beverage format, but would hold on to the airport retail format due to the contractual terms.
“We are expecting them to get better in a year,” he said.
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