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'Our focus - Profitable long term growth' – Shoppers Stop
03
Mar '10
Mr Govind Shrikhande, President & CEO, Shoppers Stop
Mr Govind Shrikhande, President & CEO, Shoppers Stop
The K Raheja Group promoted Shoppers Stop was one of the pioneers in what is termed as modern retail' or organized retail. The retail chain held back expansion plans in the last few years, but is now mulling expansion of its store count in the next three years and catch up with competitors like Reliance Brands, Pantaloons, etc.

Shoppers Stop intends to add 1 million sq. ft. in the next three years and in the process add 18 new stores by 2013. Currently the retailer operates 29 department stores and five Hypercity outlets, apart from Crossword bookstore chain and MAC, a specialty store.

Mr Govind Shrikhande, President and CEO of Shoppers Stop told Fibre2fashion, “Currently, we have 1.9 million sq.ft of retail space and in the next 30-36 months we will add in excess of one million sq. ft. more which will take the total to three million sq. ft and by March of this year, we will add three stores and then another eight in the next fiscal year and as per plans a minimum of six stores each in fiscal 2012 & 2013.

When asked about investment required for this expansion and how do they plan to raise this amount, he replied by saying, “Our board has already approved the QIP issue, through which we plan to raise Rs 2.5-3.0 billion. Basically, we will issue four million QIP's and four million warrants without diluting our promoters' stake.

“The isue of four million warrants at Rs. 308 has enabled us to raise Rs 1.32 billion, out of which Rs 300 million has already come in and we hope to raise the balance amount through QIP which will be completed after the fourth quarter results are announced.”

Next we asked him a question, which is on the top of the minds of business community in India, as to why they have been slow-starters in terms of expansion, to which Mr Shrikande observed by saying, “As a first mover in retail, we have had our share of advantages & disadvantages, but our focus has always been profitable long term growth. We have successfully weathered the economic slowdown & are now looking at aggressively expanding our footprint across India.”

Fibre2fashion News Desk - India

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