Shoppers Stop, a prominent large format retailer in India, has announced plans to embark on an extensive expansion drive. The company aims to open between 12-15 department stores annually for the next three years, while also expanding its standalone beauty stores. Speaking at an event organized by the Merchant Chamber of Commerce, Venu Nair, the Managing Director and CEO of Shoppers Stop, stated that the Indian market was growing and evolving, offering a massive opportunity for the company.
Shoppers Stop currently operates 270 stores across India, with a total carpet area of 3.9 million square feet as of March 31. These stores include 98 department stores and seven Home Stop stores. However, the company is looking to expand further by adding to its latest venture of standalone beauty stores. In FY23, the company added 11 department stores and 12 beauty stores, with plans to add 15-20 new beauty stores each year for the next three years.
The company’s expansion plan will include the opening of its largest beauty store in Calcutta in the next six months. Nair explained that Calcutta is one of their fastest-growing markets and a city with tremendous potential. The company’s focus on tier 1 and tier 2 cities is also evident in its expansion strategy, with eight new department stores opened in these locations in FY23.
Shoppers Stop is committed to growing its private brand and beauty sectors, which grew at 70% and 54% respectively in FY23, according to an investor disclosure. The company earned a revenue of Rs 5,066 crore in the same fiscal year, showing impressive growth of 63%.
The expansion drive by Shoppers Stop is a clear indication of the company’s desire to tap into the potential offered by the Indian market. As the country continues to grow and evolve, there is ample room for retailers to expand and grow their businesses. With its ambitious expansion plans, Shoppers Stop is poised to capitalize on this opportunity and become a major player in India’s retail sector.
Disclaimer: This article includes sponsored content. The views expressed are those of the sponsor and do not necessarily reflect the official policy or position of our publication.