Global meltdown not to stop Shoppers Stop's investment plans

Fashion and lifestyle retail chain, Shoppers Stop, will continue to pursue its investment and expansion plans despite the global economic meltdown, a top company official said.

"The next three-four quarters are not going to be the best of quarters and India cannot isolate itself from what is happening in the world. But there is no change in our investment and expansion plans," Shoppers Stop Managing Director B S Nagesh told PTI here.

He said he expected the current slowdown to drag along till 2009-end. "I expect the economic scenario to turn around from the January-March quarter of 2010 (calender year)."

Shoppers Stop was going steady as far opening new outlets was concerned. "Yesterday, we inaugurated an outlet at Vashi (near Mumbai). In two weeks, we plan to open another in Jaipur," Nagesh said.

The retail chain brand had in April announced plans to infuse Rs 1,000 crore for expanding its existing store space of 1.3 million square feet to 2.7 million square feet over the next 3-4 years.

"All our prior investment plans are in process, based on delivery," he said.

On the company's joint venture with the Nuance Group, Nagesh said the Rs 25-crore airport retail joint venture was now operational at both Hyderabad and Bangalore.

Measures taken by the government so far and the Reserve Bank of India, and more that would ensue, would reinstate investor confidence, he said.