Rajiv Suri's resignation is effective August 25, the company said in a stock exchange filing. Suri quit for personal reasons and would pursue a career outside India, it added.
Shoppers Stop returns to its core business after divestments. The retailer plans growth through web and private labels.
Lifestyle retailer Shoppers Stop plans to up its headcount by nearly 1,000 in the next six months in line with the roll-outs of its new stores in five cities across India.
Vodafone will launch a range of merchandise comprising T-shirts, kidswear, mugs, bed and bath accessories featuring the egg-headed mascots of the company that have gained a lot of popularity.
"They were not profitable. We open new stores without much information and when we close them, we have complete knowledge about them,'' said Shoppers Stop MD B S Nagesh.
Shoppers Stop plans to open five or six department stores and 10-12 beauty stores this year
The Supreme Court on Wednesday approved the Rs 150 crore (Rs 1.5 billion) initial public offer of India's leading retailer Shoppers' Stop by staying an interim order of the Shillong Bench of Gauhati High Court restraining the IPO.
Retail chain Shoppers' Stop Ltd is planning to open 11 more stores in Bangalore, Mumbai, Delhi, Pune, Noida and Hyderabad in the next 24 months.
'Please don't worry about casualties. It is a professional hazard beyond our control,' wrote Kargil Hero Major Padmapani Acharya in his last letter from the battlefield.
The store segmentation approach that Shoppers Stop is taking is intended to improve its hit rate at a time when local and international fashion retailers are crowding the market with new merchandise across price points.
The Raheja-owned Shoppers Stop, which was so far an up market department chain, is becoming a full service retailer soon. It is increasing its stake in the promoter group's hypermarket chain Hypercity from 19 per cent to 51 per cent.
In addition to Tier-1 and Tier-2 cities where the company has a presence, we have also identified 23-24 cities for expansion.
Robust same store sales, margin growth mark June quarter.
Nagesh says the real estate cost and employee cost are expected to sober down this year, and that would mean a sharp increase in margins.
Shopper's Stop soared 20% at BSE following reports of a buyout by RIL and A V Birla group.
'The Indian retail landscape is poised for a significant shift with the anticipated arrival of several prominent international luxury fashion brands in 2024.'
Delhi-based market research consultancy Market Pulse spoke with close to 350 consumers in Delhi, Mumbai and Chennai to understand their attitudes to modern retail and their spending patterns.
Notwithstanding the inflation pinch, analysts believe the Indian retail sector is on the 'cusp of accelerated earnings growth' as consumer sentiment and discretionary purchases bounce back from the Covid-19 pandemic. "The shift in consumer preference from the unorganised sector to the organised, coupled with uptick in domestic demand as people resume work from office, will cheer the Indian retail sector," says Nishit Master, portfolio manager, Axis Securities. Shopping malls are witnessing increased footfall in lower tier towns and standalone stores as consumption picks up and mobility improves.
His value lifestyle brand Zudio signals a coming of age of retail in small town India.
The retail industry witnessed robust top-line growth for the greater part of the previous financial year, but demand has started to show signs of fatigue seen in the January-March quarter (fourth quarter, or Q4) of 2022-23 (FY23), especially in the apparel and innerwear segments. Jewellery, however, has managed to hold on to demand in the quarter. "In the discretionary space, demand moderation in urban markets is expected to impact the quick-service restaurant and apparel categories the most, while paint, luggage, and jewellery should see resilient growth," Systematic Institutional Equities observed in its preview of the sector.
Raheja-owned retailer Shoppers Stop has gone off the beaten track. At a time, when bigger players such as Pantaloon and Aditya Birla Retail are either shutting stores or looking at halting expansion to preserve cash and check losses, Shoppers Stop is moving ahead with its expansion plans.
For instance, Shoppers Stop has seen a mere two per cent like-to-like growth in the southern region in the first quarter of 2012-13 (and 10 per cent in the western region, mostly Mumbai and Pune) due to the cannibalisation effect, said managing director Govind Shrikhande.
According to three people in the know, it is exploring various options, including alliances and joint ventures, and may even exit the business altogether.
While the talks are still at a preliminary stage, sources said major retail players had held discussions with Amazon
The most convincing signs of revival are visible in historically retail-oriented cities such as Mumbai, Bangalore, Delhi, Kolkata and Pune, with the action beginning to perk up in other cities as well.
Here's how Westside scored over Shopper's Stop.
The slowdown heat is not scalding retail companies alone. At least three top recruiting firms say they have received frantic calls from clients asking them to stop hiring at least for the next couple of quarters.
Shoppers Stop is looking to open four new stores this year and plans to invest Rs 120 crore.
The equity infusion will happen at Rs 505 a unit, which is a premium of nearly 14 per cent over February 4's close of Rs 444.60.
The Indian arm of the UK-based retailer for expecting mothers and kidscare Mothercare Plc is on an expansion mode in India.
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