Shoppers Stop closes two of its stores in Chennai and Bengaluru

The shopping mall-chain has shut its two of its stores located at Orion East Mall, Banaswadi, Bengaluru and The Grant Mall in Velachery, Chennai.

As per Shoppers Stop's press release, the company has decided to close two of its stores located at Orion East Mall in Banaswadi, Bengaluru and The Grant Mall in Velachery, Chennai, due to lower than business expectations and declining profitability.

During FY 2018-19, the sales from Orion East Mall amounted to Rs 17.62 crore and The Grant Mall's at Rs 17.36 crore, both of which constituted 0.4% of the total turnover of the company as of 31 March 2019.

 

With the closure of these outlets, the company now has a total of 89 stores, including 5 airport stores, under its operations. The announcement was made after market hours on Thursday, 20 February 2020.

Shares of Shoppers Stop were trading 1.06% lower at Rs 378.6 on NSE.

Shoppers Stop is engaged in the business of retailing a range of household and consumer products through departmental stores. It operates through approximately 80 such departmental stores located in approximately 40 cities. Its products include apparels and non-apparels.

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