Venu Nair, MD and chief executive officer, Shoppers Stop talks about the company’s expansion plans
New Delhi: Shoppers Stop plans to open about 15 of its department stores each year in the coming years in addition to the aggressive expansions of its beauty and cosmetics standalone outlets.
“We are opening between 12 to 15 department stores every year for the next three years,” said Venu Nair, MD and chief executive officer of Shoppers Stop.
“We also plan to open between 15 to 20 beauty stores and that is a combination of SS Beauty as well as the boutique beauty stores of Estée Lauder Company. Those are the broad targets that we have,” Nair said in an interview with IndiaRetailing.
Earlier this month, Shoppers Stop entered Bihar by opening its first store in the state’s capital Patna. The store is approximately 35,000 sq.ft. and will house a portfolio of both national and international brands. After that the BSE-listed retailer also rolled out a large store in Dehradun.
Last week, Shoppers Stop also rolled out a 17,000 sq ft outlet in Kolkata’s suburbs of New Town.
Shoppers Stop, India’s oldest department store chain, posted a consolidated net profit of Rs 16 crore in the second quarter of the current fiscal year compared to the same period a year earlier. Last year, in the second quarter ending September 2021, the company had incurred a loss of Rs 3.58 crore as the particular quarter was marred by a spike in Covid cases in India.