Shoppers Stop plans expansion
Shoppers’ Stop Ltd plans to expand over the next three years. Though the company was among the first movers in the country’s organised retail market, it has about 1.9 million sq ft of retail space tod
February 16, 2010 | comments ( 1 ) |
Shoppers’ Stop Ltd plans to expand over the next three years. Though the company was among the first movers in the country’s organised retail market, it has about 1.9 million sq ft of retail space today. It is considered a slow mover compared to its competitors.
Shoppers’ Stop plans to add 1 million sq ft over the next three years. This would mean 18 new department stores by 2013, the highest addition in the company’s history. Currently it has 29 department stores and five Hypercity outlets, apart from Crossword bookstore, and specialty store MAC, among others.
The company will invest Rs 250-300 crore. It plans to raise Rs 350 crore through the qualified institutional placement (QIP) route and other means by March 2011 to fund its expansion.
The company turned around in the first quarter of 2009-10, after losses in couple of quarters. It posted a net profit of Rs 19.2 crore in the December quarter, against a loss of Rs 20.5 crore in the previous year.
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