The Hindu Business Line : `No quality retail space in Chennai'

THE lack of quality retail space in the city has been one of the reasons why Shoppers' Stop has not been able to expand in the city, Mr B.S. Nagesh, Customer Care Associate & Managing Director & CEO, Shoppers' Stop Ltd said.

He said that except for Spencer Plaza no other mall has come up in the city in the recent past.

Mr Nagesh, who was talking to presspersons at the initial public offering road show, said that where there is quality retail space the company is willing to participate as an anchor store.

In most other cites, the department store has been able to penetrate into the market with at least two stores. At present, the company operates 17 stores in all the top cities, covering 7.52-lakh sq ft of retail space

Shoppers' Stop plans to utilise the proceeds from its initial public offer to fund its expansion plans. The company has drawn up plans to open 11 stores in the next 24 months in Bangalore, Mumbai, Delhi, Pune, Noida (UP) and Hyderabad, which would take the total area to 14.18 lakh sq ft.

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