New Delhi: Retail chain Shoppers Stop Monday said it will invest Rs250 crore in the next three years to open 15 more stores across the country.
“We will invest Rs250 crore in the next three years to add another 15 stores. Each store would require an investment of Rs12-15 crore,” Shoppers Stop vice president Marketing and Loyalty Vinay Bhatia said.
To a query on funding, he said, “a major chunk of the investment will come from internal accruals.”
Further, he added that the company has been able to decrease its operational cost by 30% and is now focused on increasing its topline.
Bhatia also said the top management has resorted to 5-15% pay cut as part of the company’s cost cutting measures.
“One of the reasons we are able to expand is that we have resorted to a lot of cost cutting measures and have focused on increasing the topline,” he said, adding that the company has increased its topline by 7% to Rs720 crore in the first half of the current fiscal.
Besides this, the company is also increasing its advertising and marketing budget with more focus on direct marketing.