08 July 2022, Mumbai:
Retail chain Shoppers Stop plans to expand retail spread by launching 12 new stores. Most upcoming stores will be located in the Tier-II and III cities.
The retailer will also focus on renovating current stores, thus increasing the total number of new and refurbished stores to over 50 per cent in FY23, as per the company’s latest annual report.
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Besides, the company will invest in private labels including celebrity endorsements. It will also invest in new-age technologies and, study customer behavior and preferences by supporting the data analytics project Jarvis.
Jarvis will help Shoppers Stop improve overall analytical capabilities and improve association with customers by using a propensity model and improving the use of behavioral data and preferences. This will also boost the company’s marketing strategies and product recommendations, leading to greater customer accretion.
Shoppers Stop’s revenue for the financial year ended on March 31, 2022 increased to Rs 3,111 crore while its store count increased to 88. In FY23, the retail company plans to launch 12 new stores, primarily in Tier II and III cities besides renovating existing stores.
Its omni-channel retail strategies will grow stronger as the company will replicate in-store browsing experiences in a wide range of categories and brands across channels, says Venu Nair, Managing Director and CEO
Besides, the KN Raheja Group firm will also boost investments in private labels Kashish, Life and Fratini. In FY12, the company’s 16 private labels formed 14 per cent of sales. Shoppers Stop also plans to amass a diverse and more powerful workforce by including employees from different backgrounds.
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