Shoppers’ Stop to invest $350 million to double number of store

12 Apr 2008

Mumbai: Shoppers' Stop Ltd is reported to be keen on doubling its number of stores from 25 to 50 by the end of 2010, at an investment of around $350 million.

Shoppers Stop is reported to be operating  retail space of around 1.5 million sq ft, spanning around 88 stores in 12 cities, across formats, except the Hypercity stores. Industry sources say this could go up to 6 million sq ft by 2011.

Funding the expansion, will be a series of steps, the first of which will be the $120 million from a rights issue that the company has filed for 28 March, 2008. According to B S Nagesh, managing director, of Shoppers' Stop, the remaining will come through debt and internal accruals.

Shoppers' Stop as a group is expanding across its retail format, which includes Crossword, Mothercare, MAC, Arcelia, Home Stop and café Brio. The retail major has a stake of in Hypercity, which is in the process of opening more hypermarkets, building on the success of its first outlet in Malad, Mumbai.