Mumbai: Leading fashion and lifestyle retail department store Shoppers Stop will be investing around Rs 1,500 crore over the next three years to double its outlets to 48, a top company official said.
"We are planning to invest Rs 1,500 crore in the next three years. Of this, Rs 500 crore will be raised through equity and warrants, Rs 500 crore through internal accruals and the rest through debt," Shoppers Stop Managing Director B.S. Nagesh told PTI here.
The company, which has filed a letter of offer with stock market regulator Sebi for its rights issue, expects to receive final observations by June, Shoppers Stop CEO Govind Shrikhande said.
At present, there are 24 Shoppers Stop stores in the country which will be doubled in the next three years, Nagesh said.
"We are planning to have at least 48 stores by 2011-12 and the present 1.5 million sq ft area of operation of Shoppers Stop will touch 3.5 million sq ft," Shrikhande said.
The per store area, currently about 40,000-45,000 sq ft, will be increased to around 75,000-85,000 sq feet, he added.
"We are looking at having bigger formats of Shoppers Stop," he said.
The company will get into a number of new Tier-II cities like Ahmedabad, Jalandhar, Ludhiana, Amritsar, Vijayawada and Mangalore, Nagesh said.
"We are planning to invest Rs 1,500 crore in the next three years. Of this, Rs 500 crore will be raised through equity and warrants, Rs 500 crore through internal accruals and the rest through debt," Shoppers Stop Managing Director B.S. Nagesh told PTI here.
The company, which has filed a letter of offer with stock market regulator Sebi for its rights issue, expects to receive final observations by June, Shoppers Stop CEO Govind Shrikhande said.
At present, there are 24 Shoppers Stop stores in the country which will be doubled in the next three years, Nagesh said.
"We are planning to have at least 48 stores by 2011-12 and the present 1.5 million sq ft area of operation of Shoppers Stop will touch 3.5 million sq ft," Shrikhande said.
The per store area, currently about 40,000-45,000 sq ft, will be increased to around 75,000-85,000 sq feet, he added.
"We are looking at having bigger formats of Shoppers Stop," he said.
The company will get into a number of new Tier-II cities like Ahmedabad, Jalandhar, Ludhiana, Amritsar, Vijayawada and Mangalore, Nagesh said.
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