Shoppers Stop to open 'value' stores to reach more shoppers
Shoppers Stop is planning is open stores selling value products in categories including fashion and lifestyle. The department store chain aims to widen its customer base, especially in more rural areas, and tap into the growing consumer demand for cheaply-priced, branded goods.
“The idea is to open stores on the lines of Zudio and Max and capture a larger market especially in smaller towns,” an anonymous source close to the matter told ET Bureau. “The first store, sized anywhere between 7,000 and 8,000 square feet, could open in the next three months.”
Shoppers Stop has traditionally sold clothing, cosmetics, accessories, and lifestyle goods in the premium and mid-segments of the market. Branded goods were once mostly limited to premium shoppers in metro areas but rising living conditions and brand consciousness has made organised retail more appealing to Tier 2 shoppers and beyond.
Shoppers Stop plans to open the first few of its value retail stores in Tier 2 cities before later taking the concept to metros, the Economic Times reported. Opening in Tier 2 locations will enable the business to tap into markets where it does not yet have a brick-and-mortar presence.
A number of Indian multi-brand fashion and lifestyle retailers have forayed into value retail. Lower priced brands by pan-India businesses include Landmark Group’s Max and Tata’s Tata Zudio among others. Shoppers Stop sees the value and non-metro segments of the market as having immense growth potential which it plans to tap into in the coming months.
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