Shoppers Stop is adopting an aggressive strategy to expand the footprint of its value retailing format Intune, and has targeted to reach 100 stores by the end of current fiscal.
“Intune is a strategic pillar of growth for Shoppers Stop, and we are looking at an aggressive expansion,” Kavindra Mishra, CEO of Shoppers Stop said.
“We plan to add 80 stores in the current fiscal, which will take the Intune store count to 100 by the end of this fiscal,” Mishra added.
Shoppers Stop is among various other value format retail chains launched by the Tata Group, Reliance Retail and Aditya Birla Group.
“All these groups have been doubling down on their value fashion offerings in recent years in a bid to cash in on the enormous market for value-seeking middle-class Indians,” India Retailing reported.
The segment came into a renewed limelight, especially after the runaway success of Tata owned Trent’s Zudio, which over the years, has been redefining India’s value fashion market.
Set up just seven years ago, Zudio has already surpassed Rs 7,000 crore in annual revenue in the previous fiscal, thereby contributing a chunk of Trent’s yearly revenue.
Reliance Retail is also planning to roll out 200-250 stores of its value retail format Yousta in the coming years that will compete directly with Zudio and Intune chains.
Last year, Shoppers Stop, a BSE-listed operator of an eponymous department store chain, also entered the fray by introducing Intune.
So far, the Mumbai-based listed retailer has opened about 20 such value fashion format outlets in various cities.
“We plan to take a cluster approach for extensive growth from the current 14 cities. We see a very big potential and we plan to go aggressive in expanding the Intune network,” Mishra informed.
