14 July 2022
The Weekly
India

Shoppers Stop Ltd has plans to launch 12 new stores in FY23, primarily in tier-2 and tier-3 cities, and will continue to invest in store renovations. Shoppers Stop plans to increase the share of new and refurbished stores to over 50% in FY23. The company will also continue to invest in its private labels, including celebrity endorsements. Shoppers Stop is investing in the new-age technology and is backing its data analytics project Jarvis to maximise its understanding of customer behaviour and preferences. This can then be translated into much more effective marketing and product recommendations, leading to greater customer accretion and stickiness. Shoppers Stop revenue for the financial year ended on March 31, 2022 was at Rs 3,111 crore, and the company was operating 88 stores that contributed 86% of its sales. Its omni-channel play is growing stronger with increasing digital sales, while offline sales are improving with increased coverage.

Besides, the K N Raheja group firm will also continue to invest in its private labels which continue to be a strong focus area for the company. In FY22, Shoppers Stop’s 16 private labels accounted for 14% of sales. The company is planning to introduce more products in the make-up, skincare and fragrance categories. Shoppers Stop is expanding its omni-channel presence with the launch of standalone SSBeauty stores and SSBeauty online in FY23, catering to a diverse customer base — from teenagers to women in their late 40s. Besides, Shoppers Stop is also unlocking a diverse and more powerful workforce and is continuously working towards the inclusion of employees from different backgrounds. ‘Currently, around 1% of our team are persons with disabilities and LGBTQIA+ community, and we are planning to increase this to 2% by the end of FY23,’ said Shoppers Stop non-executive chairman B S Nagesh.

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