India-based retail chain Shoppers Stop will shut or relocate unprofitable outlets and redesign some in order to attracting young consumers who may have moved to other fast-fashion retailers or e-commerce.
“We have about 10 per cent of our bottom stores that are not working. Two of them we shut last quarter. We have a plan to cut down size or relocate, or shut down, three more stores. Eight old stores will go under redesigning,” said Govind Shrikhande, MD, Shoppers Stop.
Despite having one of the strongest collections across all categories, the company has failed to resonate with young consumers because of lack of right communication. It had not created a brand campaign in the last 24 month, therefore, it will now be investing heavily in brand campaigns and marketing. Another challenge that Shoppers Stop is facing is the pressure from increasing discounts that ecommerce players are offering.
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The company will also launch a new brand campaign in the month of April, along with campaigns specific to various categories. “We will have to bring in younger brands which will bring in the differential for the younger customers, and also keep on cleaning the brands that don’t make any sense today,” added Shrikhande.
The retailer operates 81 stores in 37 cities and aims to grow sales by 15 per cent and profit by 50 per cent in the current financial year.
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