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Shoppers Stop’s to go ahead with investment plans

Posted by retailigence on December 10, 2008

Fashion and lifestyle retail chain Shoppers Stop will pursue its expansion plans despite slackening sales and credit crunch following global economic meltdown, a top company official said.

“The next three-four quarters are not going to be the best of quarters and India cannot isolate itself from what is happening in the world. But there is no change in our investment and expansion plans,” Shoppers Stop Managing Director B S Nagesh said in Mumbai. The retail chain in April announced plans to infuse Rs 1,000 crore for expanding its existing store space of 1.3 million square feet to 2.7 million square feet over the next 3-4 years. “All our prior investment plans are in process, based on delivery,” Nagesh said, adding “yesterday, we inaugurated an outlet at Vashi (near Mumbai). In two weeks, we plan to open another in Jaipur”.

On the company’s joint venture with the Nuance Group, Nagesh said the Rs 25-crore airport retail joint venture was now operational at both Hyderabad and Bangalore. Measures taken by the government so far and the Reserve Bank of India, and more that would ensue, would reinstate investor confidence, he said.

Sources :- The Financial Express


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