Retail Sector: Retail Sector to See Low Double-Digit Growth in FY23: Shoppers Stop’s Venu Nair

The retail sector is expected to see low double-digit growth this fiscal year as footfall in offline stores is back on track and expected to accelerate amid the easing of related restrictions. to the pandemic, said Shoppers Stop Managing Director and CEO Venu Nair.

“Overall footfall is back to pre-COVID levels and has been strong for the last 2 months and we expect this to continue. We expect the industry to see lower double digit growth or growth single digits this fiscal year,” Nair told PTI on the sidelines of the Retail Leadership Summit.

He further stated that the future of retail is omnichannel, while online commerce will continue to be important.

“As a result, we expect wallet footfall in stores as well as online shopping to continue to grow in the coming year,” he added.

Speaking about Shoppers Stop’s expansion, Nair said the company plans to open 15 department stores and 20 beauty stores this fiscal year.

“Store expansion is an important strategic pillar to drive our growth. And it is something we will continue to focus on. For the coming fiscal year, we aim to open 15 department stores and 20 stores beauty in fiscal year 23,” he added.

In terms of partnerships, he said, the company is always looking for new brands, especially domestic ones.

“We partner with a number of international and domestic brands. And we also have a number of new brands. And a number of new brands were coming out. And if the fit is right, we will definitely have in our stores and online.

“And I see that we are growing much faster online, compared to offline, because in the offline space there is a restriction of the physical space, but online there is no such restriction. And, therefore, we would integrate a number of brands online first, even if the physical space is not available,” Nair added.


About Author

Comments are closed.