Shoppers Stop, India-based retail chain owned by K Raheja Group, is planning to give a boost to its retail business by adding more stores and renovating the current ones in the country.
The department store chain has decided to make an investment of around Rs. 120 crores, as mentioned by Govind Shrikhande, Managing Director and Customer Care Associate at Shoppers Stop to a leading Indian daily, to carry out the plans.
The proposed investment will be used to revamp seven of its old stores and set up around five new stores in the current financial year.
The renovation will also include the introduction of new retail technology in stores to enhance the shopping experience of customers. At least 12 stores were renovated by the fashion retailer last year.
Currently, the big format stores in fashion retailing – Shoppers Stop and home retailing stores – Homestop are being operated by the retailer. A total of 83 stores under Shoppers Stop brand in 38 cities are functional at present.
The retailer, which reported a 100 per cent growth in its online business last year, now expects to note 10 per cent of its total revenue from e-commerce in the next three years.
Notably, Shoppers Stop reported a standalone net profit of Rs. 11.60 crores in the fiscal 2017-18 as compared to net loss of Rs. 19.93 crores in the previous fiscal.
Underperforming private labels such as Stop, Life, Kashish, Haute Curry and Vettorio Fratini are also expected to be revived by the company.
