Shoppers` Stop, one of the pioneers in the business of organized retail in India, was awarded the prestigious "Emerging Market Retailer of the Year" award at the World Retail Awards 2008 in Barcelona,
Shoppers` Stop, one of the pioneers in the business of organized retail in India, was awarded the prestigious "Emerging Market Retailer of the Year" award at the World Retail Awards 2008 in Barcelona, on 10 April, 2008. The award function was held as a part of the just concluded "World Retail Congress 2008," which was held between 9 and 11 April in Barcelona. Shoppers` Stop was named `Emerging Market Retailer of the year` by a grand jury of some of the world`s most respected retailers and senior industry experts. Shoppers` Stop triumphed over fierce competition and was awarded the prize for its dynamic approach and willingness to experiment with new formats. The award was sponsored by Baugur Group. Founded in 1991 by construction major K. Raheja group, Shoppers` Stop has, in the past 17 years, successfully evolved from being a single brand shop to becoming a family Fashion & Lifestyle store. Today, true to its vision of becoming a global retailer in India, Shopper`s Stop has carved out leadership position in the "Department stores" category in the retail sector of India. Since 1991, Shoppers` Stop has invested Rs. 250 crore to create 13 lakh sq. ft. of retail space for its 24 stores in 11 cities in India. It is also aiming at certain tier-II cities like Ludhiana, Aurangabad, Surat and Vijaywada, to add 24 more stores across the country in the next four years. The new plan will entail investment of Rs.150 crore across all its formats including Mothercare, Crossword and HomeStop. It will also invest Rs. 25 crore towards its airport retailing venture with the Nuance Group AG. Shoppers` Stop has also earmarked Rs. 50 crore to exercise its option of increasing stake in HyperCity Retail (India) from 19% to 50% by December, 2008. It will spend Rs. 500 crore on expanding this format in the coming years.