Shopper’s Stop, one of the leading fashion and lifestyle retailers, has chalked out Rs 1,500 crore investment plans to double its number of stores in next three years, the company’s managing director BS Nagesh told media while unveiling the company’s new logo with their own anthem, at a press conference in Mumbai.
Bollywood actor Shahrukh Khan was guest of honour at the event.
“We are planning to invest Rs 1,500 crore in the next three years. Of this, Rs 500 crore will be raised through equity and warrants, Rs 500 crore through internal accruals, and the rest through debt,” said Nagesh.
At present, there are 24 Shopper’s Stop stores in the country and the count will be doubled in the next three years, Nagesh said.
“The company has filed a letter of offer with stock market regulator SEBI for its rights issue, and expects to receive final observations by June,” confirmed Shopper’s Stop CEO Govind Shrikhande. “We are planning to have at least 48 stores by 2011-12, and the present 1.5 million square feet area of operation of Shopper’s Stop will touch 3.5 million square feet. We are looking at having bigger formats of Shopper’s Stop. The area per store, which currently is about 40,000-45,000 square feet, will be increased to around 75,000-85,000 square feet,” he added.
The company will open outlets in tier II cities like Ahmedabad, Jalandhar, Ludhiana, Amritsar, Vijayawada and Mangalore.
The company has also launched its own in-store radio format and tied up with music content company Blue Frog, which will update customers on fashion and lifestyle trends.
Under its corporate social responsibility programme, Shopper’s Stop introduced environment-friendly recyclable bags and distributed 1.5 lakh neem seed sachets.