Shoppers Stop shuts two stores
Shoppers Stop has informed the bourses today that it has closed its two Shoppers Stop stores located at Orion East Mall, Banaswadi, Bengaluru and The Grant Mall, Velachery, Chennai due to lower than expected business and its low profitability. The sales from Orion East Mall’s store for the last financial year 2018-19 was Rs 17.62 crore constituting 0.4 per cent of the turnover of the company as on March 31, 2019 and the sales from The Grant Mall’s store for the last financial year 2018-19 was Rs 17.36 crore constituting 0.4 per cent of the turnover of the company as on March 31, 2019.
Earlier this month, the company has informed that it has opened one Shoppers Stop store at Hilite Mall, Calicut and one more store at Sarath City Capital Mall, Hyderabad.
With the closure of above stores, the company has now 89 Shoppers Stop including 5 airport stores under its operations.
Shoppers Stop is engaged in the retailing business. It runs a chain of departmental stores with brands including Shopper’s Stop, Home Stop, Crossword, Cafes and Restaurants etc.