Financial Daily from THE HINDU group of publications
Friday, Apr 11, 2003
Financial Daily from THE HINDU group of publications Friday, Apr 11, 2003 |
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Marketing
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Retailing Shoppers' Stop to open new store in Mumbai today Anna Peter
MUMBAI, April 10 SHOPPERS' Stop is in expansion mode once again. It has added another store to its 13 nationwide. Set up with an investment of Rs 4-5 crore, the new store, in Mulund, Mumbai, will cater to the surrounding areas of Thane, Kanjur Marg, Vikhroli and Powai. This area, according to Mr Sanjay Badhe, Director (Operations), also has a substantial base of First Citizen (loyalty card) members in the area, one of the major reasons Shoppers' Stop chose to set up shop there. Shoppers' Stop's loyalty programme contributes 60 per cent to its nationwide sales. The new store also offers tremendous opportunities because there has been a "shift in population and new housing opportunities". The Mulund store is targeting a sales turnover of Rs 30 crore in the first year of its operation and is likely to break even in 2 years. Shoppers' Stop's goal is to have 30 stores across the country by the end of 2006. Another four outlets are on the cards this year: A store each in Juhu, in the Inorbit mall in Malad (both in Mumbai); and in City Centre at Salt Lake, Kolkata, and Delhi. On domestic competition, especially from Runwal Arcade which offers 4.2 lakh sq ft in shopping space, Mr Badhe told Business Line: "The retail industry internationally is all about catchment and the customer is ever-evolving in terms of the benefits sought from shopping. Convenience and accessibility is one such important criterion; customers are not willing to travel beyond comfortable distances to shop." He added that the store has been designed and fitted with fixtures under the consultancy of Kingsmen Design Pte Ltd, which is consultant to Singapore's retail industry with projects such as Robinsons, Marks & Spencers and The Body Shop and DFS mall in its portfolio. The store is designed with better-defined aisles, lighter fixtures and brighter ambience. It stocks several international garment brands, and its latest offering is the teenage apparel brand, Unionbay, from the US. Shoppers' Stop, Mulund, opens on Friday.
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