Home / Knowledge / News / Apparel/Garments / We are witnessing double-digit growth – CEO, Shoppers Stop
We are witnessing double-digit growth – CEO, Shoppers Stop
30
Dec '09
Mr Govind Shirkhande, CEO, Shoppers Stop
Mr Govind Shirkhande, CEO, Shoppers Stop
It is now more than one year since the recessionary trends crept into the Indian economy. The burgeoning apparel retail sector also deeply felt the impact of the crisis after having ridden on double digit growth rates in the last few years. But since the last few months, signs of revival are visible and now after the recession gloom, it seems like good times for the retailers.

In the festive season of Deepawali, retailers across all sectors and categories had reported excellent year-on-year growth after having witnessed sluggish sales in the same period of the previous year. Now with Christmas just over and New Year round the corner and signs of feel good factor all around, it could once again mean back to the times of double digit growth rates.

In an exclusive interview with Fibre2fashion, Mr Govind Shirkhande, CEO of Shoppers Stop spoke about growth in sales in December and reasons for the same. Shoppers Stop is a pioneer in what is today called the modern and retail store format. It has 22 store strong network across India and had also acquired “Crossword”, India's leading retail book chain in 2000.

Speaking about sales growth in Christmas and New Year, vis-à-vis last year, Mr Shirkhande said, “Retail thrives on positive sentiments across the economy as well as amongst the consumers. Last year, was a year full of problems on all fronts; Global recession - resulting in economic slowdown in India; Security issues- Post 26/11, job insecurity, swine flu, etc. Post-November as the economic growth is picking up pace, we clearly see an impact on December sales and are witnessing double digit growth in December.”

When asked about other reasons behind this growth, other than revival in economy, he explained by saying, “Growth had a “Built in Base Effect” of sales fall during the last year; hence, retailers should not get overtly euphoric about their performance.”

He added by saying, “Also many of the retailers have gone on an aggressive markdown/discounting model along with which a few retail formats like Subhiksha and Pyramid have closed down creating opportunity for existing players and apart from GDP growth, the pick-up in car sales, exports, air travel are also good indicators for the future.”

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Apparel/Garments | On 19th Jan 2017

Asahi Kasei to display sustainable fibre at trade shows

Asahi Kasei, specialty Japanese fibre producer, will be displaying...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search