Shoppers Stop subsidiary departmental stores chain Hypercity was aiming to be profitable by FY19', a top company official said today.
Shoppers Stop subsidiary departmental stores chain Hypercity was aiming to be profitable by FY19′, a top company official said today. “By the end of the current fiscal year there will be operating profit at the store and Ebita level, while at the company level we expects it to turn profitable in FY19′,” Shoppers Stop customer service associate and managing director Govind Shrikhande said. The company has redesigned its 19 stores and the total space in HyperCity has been reduced from the previous 1.5 million square feet to 1.3 million square feet. The departmental store company will consolidate and then it will decide on expansion of stores. HyperCity is a 51 per cent subsidiary of Shoppers Stop and dealing primarily in foods and apparel, claiming to offer consumers world-class shopping experience with omni channel strategy that will be rolled out next fiscal. HyperCity, has invested Rs 800 crore in this chain over the past 11 years in India.
Around 65 per cent of the business from HyperCity comes in from the food portfolio with garments accounting for 16-17 per cent. The rest comes in from other products.