08 July 2022, Mumbai:

Retail chain Shoppers Stop plans to expand retail spread by launching 12 new stores. Most upcoming stores will be located in the Tier-II and III cities.

The retailer will also focus on renovating current stores, thus increasing the total number of new and refurbished stores to over 50 per cent in FY23, as per the company’s latest annual report.

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Besides, the company will invest in private labels including celebrity endorsements. It will also invest in new-age technologies and, study customer behavior and preferences by supporting the data analytics project Jarvis.

Jarvis will help Shoppers Stop improve overall analytical capabilities and improve association with customers by using a propensity model and improving the use of behavioral data and preferences. This will also boost the company’s marketing strategies and product recommendations, leading to greater customer accretion.

Shoppers Stop’s revenue for the financial year ended on March 31, 2022 increased to Rs 3,111 crore while its store count increased to 88. In FY23, the retail company plans to launch 12 new stores, primarily in Tier II and III cities besides renovating existing stores.

Its omni-channel retail strategies will grow stronger as the company will replicate in-store browsing experiences in a wide range of categories and brands across channels, says Venu Nair, Managing Director and CEO

Besides, the KN Raheja Group firm will also boost investments in private labels Kashish, Life and Fratini. In FY12, the company’s 16 private labels formed 14 per cent of sales. Shoppers Stop also plans to amass a diverse and more powerful workforce by including employees from different backgrounds.

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09 July 2022, Mumbai:

Mall developers’ rental income is expected to grow by 30 per cent Y-o-Y in 2022-23 and surpass 2019-20 levels by 4-6 per cent in the current financial year, as per a report by ratings agency ICRA.

Growth in the income will be driven by pent-up demand, high vaccination coverage and resumption of multiplexes, retail malls since August 2021.

RELATED NEWS . Mall owners, landlords rejoice as rentals surge again after two years 

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Recovery in rental incomes at 74 per cent in Q2 FY2922 and reaching 102 per cent of pre-COVID levels in H2FY2922. New vacant space totaled around 11 million sqft in FY2021 and FY2011 across six cities, says Anupama Reddy, Vice President & Sector Head, Corporate Ratings, ICRA.

However, the incremental space absorption was only around 4 million sqft during this period resulting in a significant increase in the vacancy levels to 23 per cent in 2021-22 from 18 per cent in 2019-20. With the normalcy in the trading values, the occupancy is expected to improve in FY2023, adds Reddy.

The debt-to-OPBDITA ratio is expected to ease to 6x-8x in 2022-23 from 8x-10x in 2021-22, with a significant rise in operating profit before depreciation, interest, tax and amortization supported by improved trading density and footfalls.

Debt service coverage ratio, which was less than 1x for two consecutive years is expected to improve to 1.10-1.15x in FY2023 with the improved rental recoveries.

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04 July 2022, Mumbai:

Business-to-business product development and production management platform for fashion brands and manufacturers Fashinza has expanded its team by appointing Sumit Saxena, President-Revenue and Strategy. As per a Fashion Network report, Saxena will lead Fashinza’s expansion in international markets with special focus on Europe and the UK.

Pawan Gupta, Co-Founder and CEO, Fashinza says, Saxena will help the company grow and expand business and streamline and execute its strategy. Saxena adds, a trillion-dollar industry with huge scope for technology, fashion aims to automate the way brands work today. Technology will enable brands and manufacturers to be more efficient leading to better management and visibility. Fashinza aims to revolutionize the way brands source.

Fashinza has over 250 manufacturers in India, Bangladesh, China, and Vietnam that serves over 200 brands across six countries, including the US, Canada, UAE, and India.

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02 July 2022, Mumbai:

Swedish furniture, homeware, and home textile business Ikea plans to its first store inside a mall at the R City Mall in Ghatkopar, Mumbai.

The store is scheduled to open its doors to the public in the next few months.

Along with boosting Ikea’s brick-and-mortar presence in Mumbai, the store will also enable Ikea to increase its omnichannel capabilities in Maharashtra.

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The business plans to focus on Bangalore, Hyderabad, Mumbai, and Delhi-NCR in the first phase of its store roll out in India.

Ikea’s most recent store opening was in Bengaluru on June 22.

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05 July 2022, Mumbai:

V-Mart Retail has expanded retail presence by opening 11 new stores in the April - June quarter of FY 2022-23. The company has opened four stores for its brand Unlimited in South India.

These include one store each in Telangana and Andhra Pradesh and two stores in Tamil Nadu.

RELATED NEWS VMART Retail Ltd Q3 FY22 results 

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Additionally, the company has opened seven stores across rest of India, one each in Bihar, Madhya Pradesh and two each in Rajasthan and Uttar Pradesh. With this, the company’s total number of stores now stands at 391.

Founded in 2002, V-Mart is a complete family retail store chain offering apparel, footwear and accessories for men, women and kids. The company has 17 years of experience in providing high-quality affordable fashion. Its retail network spans over 200 stores across 171 towns in 17 states.

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30 June 2022, Mumbai:

Rating agency ICRA has revised the long-term rating for V-Mart Retail at [ICRA]AA- and short-term rating at [ICRA]A1+ for the captioned line of credit.

The Outlook on the long-term rating has been revised as Positive from Stable.

The rating agency has reviewed total bank facilities worth Rs195 crore. This includes Long-term facilities worth Rs132.43 crore, short-term facilities worth Rs16.57 crore, and unallocated facilities worth Rs46 crore.

ALSO READ  V-Mart Retail is a Great Place to Work

The revision in the outlook on V-Mart Retail long-term rating takes into account ICRA's expectation of healthy growth in turnover and sustained improvement in profitability, driven by continued network expansion, recovery in sales per square foot from the pandemic impact, and profitable ramp-up in operations of the 'Unlimited' stores acquired in FY22.

This, along with calibrated expansions and low reliance on debt, is expected to keep the company's financial risk profile strong, with a conservative capital structure, strong liquidity profile, and robust debt coverage metrics.

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