Large format retailer Shoppers Stop is on an expansion drive with plans to open 12-15 department stores every year for the next three years and add to its latest venture of standalone beauty stores at the same time.

“India is growing, the market is evolving and the opportunity is huge.

“We have committed to open between 12-15 department stores every single year for the next three years and 15-20 beauty stores every single year for the next three years,” said Venu Nair, managing director and CEO, Shoppers Stop, at an even organised by the Merchant Chamber of Commerce.

The company plans to open its largest beauty store in Calcutta in the next six months. “Calcutta is one of our fastest growing markets and it is a city where we see immense potential,” Nair said.

Shoppers Stop has 270 stores across India with a carpet area of 3.9 million square feet as of March 31. This includes 98 department stores and seven Home Stop stores.

In FY23, the company added 11 department stores and 12 beauty stores. Of the 11, three were in metro cities and eight in tier 1, tier 2 cities, signifying the company’ strategy to expand and grow in cities where it does not have major presence.

In FY23, the company had earned a revenue of Rs 5,066 crore growing at 63 per cent. Its two strategic pillars — private brand and beauty — grew at 70 per cent and 54 per cent, respectively, according to an investor disclosure.