MoneyWorks4Me

Shoppers Stop Ltd (SHOPERSTOP)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532638 NSE: SHOPERSTOP Retailing | Small Cap | Shoppers Stop Share Price

₹400.35 -13.40 (-3.24%)

As on 18-Sep'26 16:59

Shoppers Stop Ltd (SHOPERSTOP)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532638 NSE: SHOPERSTOP Retailing | Small Cap | Shoppers Stop Share Price

₹400.35 -13.40 (-3.24%)

As on 18-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹4,412 Cr.
Current Price
₹400.4
52-Week Low / High
₹267 / 567
TTM EPS
₹-3.1
TTM Sales
₹5,174 Cr.
Book Value per Share
₹24
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
62.7
Price to Book (P/B)
16.69
Lower than its 5-year historical median
Price to Sales (P/S)
0.85
Lower than its 5-year historical median
EV/EBITDA
5.74
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-12.32%
Underperforms industry median
Return on Capital Employed (ROCE)
43.81%
Outperforms industry median
Return on Assets (ROA)
-0.61%
Operating Profit Margin
15.2%
Net Profit Margin
-0.72%
Gross Profit Margin
9.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
6.13%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
4.83%
Net Profit Growth (1 Year)
-
-431.4%
Asset Quality
Promoter Holding
66.06%
Pledged shares (%) of Promoter's holding (%)
9.73%
Reserves
₹209 Cr.
Equity
₹55.1 Cr.
Face Value
₹5
All Time Low / High
₹33.51 / 943.65

Shoppers Stop stock performance

Key Ratios
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Check Before You Invest

Valuation

Fair

Price Trend

Semi Strong
Q.1 Is Shoppers Stop Ltd a good quality company?
Shoppers Stop Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Shoppers Stop Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Shoppers Stop Ltd vs industry peers?
Shoppers Stop Ltd revenue CAGR is 23.59%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Shoppers Stop Ltd?
Promoters hold 66.06% of the Shoppers Stop Ltd, with 9.73% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of Shoppers Stop Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 1% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Shoppers Stop Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 6.2%7.7%15.6%23.1%-41.8%26.2%125.7%88.9%54%45.6%-
Value Creation
Index
-0.6-0.50.10.7-4.00.98.35.63.02.3-

Growth Parameters

Sales 3,6483,5913,4813,3811,7252,4943,9984,2134,4364,7084,799
Sales YoY Gr.--1.6%-3.1%-2.9%-49%44.6%60.3%5.4%5.3%6.1%-
Adj EPS -2.21.38.5-15.2-25.2-7.910.86.70.6-3-4.1
YoY Gr.-NA563.3%-278.9%NANANA-37.6%-91.3%-611.9%-
BVPS (₹) 86.3102.9105.514.716.58.82028.429.62624.5
Adj Net
Profit
-19.611.978.7-141-275-86.211874.16.5-33.3-45
Cash Flow from Ops. 1563222035649.9389562616566873-
Debt/CF from Ops. 3.70.30.20.215.20.50.20.20.50.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 2.9%22.2%5.6%6.1%
Adj EPS NANA-165.4%-611.9%
BVPS-12.5%9.6%9.3%-12.1%
Share Price 1.1% 10.4% -16.8% -28.2%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
-2.51.48.2-25.3-173.1-61.671.826.72-10.4-16.2
Op. Profit
Mgn %
66.68173.711.417.917.416.315.815.3
Net Profit
Mgn %
-0.50.32.3-4.2-16-3.531.80.2-0.7-0.9
Debt to
Equity
0.80.100.90.820.50.40.80.5-
Working Cap
Days
76578112422418614716418018296
Cash Conv.
Cycle
-1-17-29-64-151-55-45-58-45-61-22

Valuation of Shoppers Stop - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *9.829.819.819.819.819.819.819.789.739.73
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales3,7573,6973,5783,4641,7492,5194,0224,3174,6285,043
Operating Expenses + 3,5383,4583,3082,8881,6942,2343,3113,5813,8954,276
Manufacturing Costs571582623213191244339328376373
Material Costs2,3452,2682,0782,0071,0761,5062,3282,5442,7273,035
Employee Cost 287316330335265273352393425458
Other Costs 336293277334162212291316368410
Operating Profit 21923827057655284711736732768
Operating Profit Margin (%) 5.8%6.5%7.5%16.6%3.2%11.3%17.7%17.0%15.8%15.2%
Other Income + 3117193422416864615452
Exceptional Items -132160-10027-2-60-19
Interest 866539222234222233249285313
Depreciation 119115141450392355382437494541
Profit Before Tax 32291110-72-347-981591047-53
Tax 20184570-80-524327-4-17
Profit After Tax 1227465-142-267-451167711-36
PAT Margin (%) 0.3%7.4%1.8%-4.1%-15.3%-1.8%2.9%1.8%0.2%-0.7%
Adjusted EPS (₹)-4.226.47.0-15.3-24.4-4.310.67.01.0-3.3
Dividend Payout Ratio (%)-16.80%2.70%10.20%0%0%0%0%0%0%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 4779049146611974193290308279
Share Capital 42444444555555555555
Reserves 435860870226419138235253223
Debt +625823215512911263153316158
Long Term Debt371442096902109648
Short Term Debt2543830155332242153220110
Minority Interest5000000000
Trade Payables4915191,2771,5221,1521,4421,8291,9702,2672,456
Others Liabilities 4542632202,0741,7731,7812,1872,5762,8933,068
Total Liabilities 2,0521,7682,4443,8173,1733,4094,2724,9905,7835,961

Fixed Assets

Net Fixed Assets +9226736151,9011,7211,7232,0972,5852,9753,037
Gross Block1,0738789412,6422,3452,6083,0143,3084,0604,466
Accumulated Depreciation1502063267416248849167221,0851,429
CWIP 201835443143421137
Investments 2028225819112814648430
Inventories5783561,0721,2398561,0081,5001,6872,0412,100
Trade Receivables57484734313229826587
Cash Equivalents 86174423231171413
Others Assets 448385399404393454532594672718
Total Assets 2,0521,7682,4443,8173,1733,4094,2724,9905,7835,961
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 64298202576-3383543561549838
PBT -58232110-72-347-981591047-53
Adjustment 197-73147629393379574624716804
Changes in Working Capital -50175262-6280-185-172-16885
Tax Paid -24-36-56-421321-55-61
Cash Flow From Investing Activity + -111-35-125-284-24-102-29-111-169-129
Capex -111-114-113-181-82-107-145-173-179-134
Net Investments 09-16-10358-21036064
Others 170401813142
Cash Flow From Financing Activity + -10-171-63-433167-270-537-479-409-675
Net Proceeds from Shares 4919610299231030
Net Proceeds from Borrowing -17-194-43-4215157-110-63996
Interest Paid -60-42-14-197-222-207-405-225-261-290
Dividend Paid 0-8-8-8000000
Others 18-124-0-186-61-122-25-202-250-391
Net Cash Flow -579213-14114011-23-29-2934
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)2.439.677.15-28.97-289.62-47.286.9531.993.64-12.32
ROCE (%)8.7429.7614.7124.76-42.5541.56125.6287.6451.4143.81
Asset Turnover Ratio1.942.612.461.520.70.841.150.980.960.95
PAT to CFO Conversion(x)5.331.093.11N/AN/AN/A4.687.2949.91N/A
Working Capital Days
Receivable Days53.803.303.104.804.102.504.505.205
Inventory Days53.4034.2050.2088.60156.40123.40103.70127.70132135.70
Payable Days76.7081.30157.70254.60453.50314.40256.30272.50283.60284

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Shoppers Stop Ltd FAQs

The current trading price of Shoppers Stop on 18-Sep-2026 16:59 is ₹400.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Shoppers Stop stood at ₹4,412.1 Cr

The latest P/E ratio of Shoppers Stop as of 17-Sep-2026 is 0.00.

The latest P/B ratio of Shoppers Stop as of 17-Sep-2026 is 16.34.

The 52-week high of Shoppers Stop is ₹566.7 and the 52-week low is ₹267.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Shoppers Stop is ₹4,799 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Shoppers Stop Ltd is a good quality company.

The key valuation ratios of Shoppers Stop Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Shoppers Stop Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Shoppers Stop Ltd

The foundation of Shoppers Stop was laid on October 27, 1991, by the K. Raheja Corp. group of companies. Being amongst India's biggest hospitality and real estate players, the Group crossed yet another milestone with its lifestyle venture. From inception, Shoppers Stop has progressed from being a single brand shop to becoming a Fashion & Lifestyle store for the family. Shoppers stop is a household name, known for its superior quality products, services and above all, for providing a complete shopping experience. With an immense amount of expertise and credibility, Shoppers stop has become the highest benchmark for the Indian retail industry. In fact, the company's continuing expansion plans aim to help Shoppers Stop meet the challenges of the retail industry in an even better manner than it does.

With an unparalleled assortment of the leading international and national brands in clothing for men, women, and kids; accessories, fragrances, cosmetics, footwear; home furnishing and decor products, its stores aim to provide shoppers a truly international shopping destination. Experienced, professional management; supported by world-class systems and practices; and a talented pool of associates with a shared passion for making every shopper visit a memorable one, has helped Shoppers Stop to grow from a single store in 1991 to the largest chain of Department Stores in India. Shoppers Stop is the only Indian member of the ‘Intercontinental Group of Departmental Stores’, which has the likes of Selfridges (United Kingdom), Karstadt (Germany), Marks & Spencer (UK), Matahari (Indonesia), Myers Grace Bros. (Australia) and Rustan's (Philippines) among its members.

Business area of the company

Shoppers Stop Limited is India’s pioneering retailer and considered the highest benchmark in modern retail. Its one-of-a-kind shopping assistance initiative, ‘Personal Shoppers’ is revolutionizing the way its customers shop, bringing more value, comfort and convenience to customer experiences. It is one of the largest departmental store chains in India. The company also operates formats like Crossword and Home Stop, which are into retailing of books and home decor, respectively.

Products

The company operates many department stores, home concept stores, luxury beauty stores. It has many brands like First Citizen, Homestop, Crossword, Estee Lauder, MAC, Clinique, BOBBI BROWN.

Awards

  • Most Trusted Retailer of the year -Popular Choice by ET Retail Awards 2014.
  • CSR Excellence Award by Bureaucracy Today 2017.
  • Great Place to Work 2018.
  • HR Initiative of the year Personal Shopper Program.
  • WINNER 2019 DEPARTMENT STORE AWARD.
  • Best Omnichannel Customer Experience Best Digital Customer Experience Strategy.
  • Shoppers Stop awarded by Titan for Outstanding Performance in FY19.
  • Shoppers Stop Bangalore Airport Store wins: Best Customer Choice in Retail .Best Performing Commercial for Mithas concept at Pinnacle Awards by BIAL.
  • Shoppers Stop wins most admired store in the Visual Merchandise Category at Viviana Mall Retail Excellence Awards.
  • Shoppers Stop awarded highest sales on weekend during EOSS by Alpha One Mall – Ahmedabad management in Anchor category.
  • Shoppers Stop won 6 awards at “Images Retail Awards 2019”.
  • Shoppers Stop won Gold for Best Customer Service program and Bronze for L&D team of the year.
  • Mother’s Day recycle saree campaign wins at Economic Times Brand Equity awards which had 650 entries across Industries.
  • SHOPPERS STOP Wins The Coveted 'MOST ADMIRED RETAIL COMPANY OF THE YEAR AWARD' at MAPIC India Retail Awards 2019.
  • DMA Asia ECHO Awards for two campaigns: ‘Its Our Time’ and ‘Kendall Kylie bags launch’ These will also qualify for Echo global awards in New York this year which is for entries across the world.
  • Shoppers Stop , Alpha 1, Vastrapur wins consumer choice award from Mall Management.
  • Shoppers Stop wins for the 4th Year in a row at the 13th ELSC Leadership Awards for ‘Best in Class Supply Chain Strategy and Design’.
  • Raipur store awarded as Best Anchor Store by Ambuja City Center Mall.
  • Certificate of Appreciation from Hyderabad Airport.
  • Best Loyalty Program in Large Format Retail.
  • ‘Company of the Year - Retail’ award from CNBC in collaboration with Chhattisgarh Government.

Milestones

  • 1991: The foundation of shoppers stop was laid on October 27, 1991.
  • 1991: Opened first store at Andheri, a suburb in Mumbai, selling only Mens wear.
  • 1992: Ladies wear was introduced.
  • 1993: Added Children's & Non-apparel sections.
  • 1994: Loyalty Program titled First Citizen was launched.
  • 1995: Opened second store in Bangalore.
  • 1997: Launched co-branded credit card for loyalty members in association with HSBC. Shoppers Stop incorporated as a body corporate.
  • 1998: Opened third store in Hyderabad.
  • 1999: Implemented JDA Retail ERP (a global leader in retail ERP packages).Opened fourth & fifth stores in Jaipur & Delhi.
  • 2000: Opened sixth & seventh stores at Chennai & Chembur – Mumbai.Acquired Crossword – India's leading retail book chain.
  • 2001: Opened eight & ninth stores in Pune & Bandra.
  • 2002: Opened the tenth store in Kandivli – Mumbai In the Year 2002 launched co-branded credit card with Citibank named as First Citizen Citibank Credit Card.
  • 2003: Opened the eleventh, twelfth & thirteenth stores in Mulund – Mumbai, Gurgaon & Kolkata.
  • 2004: Opened fourteenth, fifteenth & sixteenth stores in Malad – Mumbai, Kolkata & Bangalore.
  • 2005: Company's Initial Public Offering (IPO) oversubscribed overall by 17.25 times. Crossword becomes a wholly owned subsidiary of the Company.
  • 2005: Opened seventeenth, eighteenth, nineteenth & twentieth stores in Pune, Juhu – Mumbai, Bangalore & Ghaziabad .Launched M.A.C & Homestop –home store.
  • 2006: Opened out twenty first (Mumbai) and twenty second store in Lucknow .Launched Mothercare in India and F & B outlets Brio & Desi Café. Bought 45% of Timezone India.
  • 2007: Gold Shield Award for excellence in Financial reporting for the year 2006 in the category of ‘Manufacturing & trading Enterprises’ by ICAI .Acquired 19% stake in Hypercity Retail (India) Ltd.
  • 2007: Signed a 50:50 Joint Venture with the Nuance Group for Airport Retailing .Signed an MOU with the Home Retail Group of UK to enter into a franchise arrangement for the Argos formats of catalogue & internet retailing.
  • 2008: Shoppers Stop repositioned and reinvented as a bridge to luxury brand with the unveiling of the new logo and tagline, ‘START SOMETHING NEW’.
  • 2008: Shoppers Stop was awarded the ‘Emerging market retailer of the Year’ at the World Retail congress in April 2008 . B.S Nagesh inducted into the World Retail Hall of Fame at the World Retail Congress in Barcelona.
  • 2009: Pioneered mascot licensing in the categories through exclusive tie-up for certain products with Vodafone for their popular brand mascot Zoozoo.
  • 2010: Expanded footprints to new cities like Bhopal, Amritsar and Aurangabad. Shoppers Stop also added stores in existing cities like Bengaluru, Mumbai and Hyderabad taking store tally to 36 stores .The Company upped its stake in Hypercity Retail (India) Limited to 51%.
  • 2011: Shoppers Stop operations expanded to 49 stores in 22 cities viz.  Ahmedabad, Aurangabad, Amritsar, Bangalore (5 stores), Mysore, Bhopal, Chennai (3 stores), Delhi (5 stores), Durgapur, Gurgaon, Ghaziabad, Hyderabad (4 stores), Indore, Jaipur (2 stores), Kolkata (3 stores), Latur, Lucknow, Mumbai (9 stores), Noida, Pune (4 stores), Siliguri and Vijayawada.
  • 2012: Shoppers Stop operations expanded to 55 stores in 24 cities viz.  Ahmedabad, Aurangabad, Amritsar, Bangalore (8 stores),  Bhopal, Chennai (3 stores), Coimbatore, Delhi (5 stores), Durgapur, Gurgaon (2), Ghaziabad, Hyderabad (4 stores), Indore, Jaipur (2 stores), Jalandhar,  Kolkata (3 stores), Latur, Lucknow, Mumbai (8 stores), Mysore, Noida, Pune (5 stores), Siliguri and Vijayawada.
  • 2013: Shoppers Stop operations expanded to 65 stores in 29 cities viz.  Ahmedabad, Aurangabad, Amritsar, Bangalore (8 stores),  Bhopal, Chennai (4 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Durgapur, Gurgaon (2), Ghaziabad, Hyderabad (5 stores), Indore, Jaipur (3 stores), Jalandhar,  Kolkata (3 stores), Latur, Lucknow, Thane, Mumbai (9 stores), Mysore, Noida, Pune (4 stores), Surat, Siliguri, Vijayawada and Raipur.
  • 2014: Shoppers Stop operations expanded to 73 stores in 33 cities viz.  Ahmedabad (2), Aurangabad, Amritsar, Bangalore (8 stores), Mangalore, Bhopal, Chennai (4 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Durgapur, Gurgaon (2), Ghaziabad (2), Hyderabad (5 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana,  Kolkata (4 stores), Latur, Lucknow, Thane, Mumbai (9 stores), Mysore, Noida, Pune (5 stores), Surat, Siliguri, Vijayawada, Raipur, Raipur Airport and Visakhapatnam.
  • 2015: Shoppers Stop operations expanded to 76 stores in 36 cities viz.  Ahmedabad (2), Aurangabad, Amritsar, Bengaluru (9 stores), Mangalore(2), Bhopal, Chennai (3 stores), Coimbatore, Agra, Delhi (5 stores), Chandigarh, Durgapur, Gurgaon (2), Ghaziabad (2), Hyderabad (5 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana,  Kolkata (5 stores), Kolhapur, Latur, Lucknow, Thane, Mumbai (9 stores), Meerut, Mysore, Noida, Pune (5 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, Raipur Airport and Visakhapatnam.
  • 2016: Shoppers Stop operations expanded to 83 stores in 38 cities viz. Ahmedabad (2), Aurangabad, Amritsar, Bengaluru (11 stores), Mangalore(2), Bhopal, Chennai (3 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Durgapur, Gurgaon (2), Ghaziabad (2), Hyderabad (5 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana, Kolkata (5 stores), Kolhapur, Goa, Latur, Lucknow, Thane, Mumbai (9 stores), Panvel, Meerut, Mysore, Noida (2), Pune (6 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, Raipur Airport and Visakhapatnam.
  • 2017: Shoppers Stop operations expanded to 83 stores in 38 cities viz. Ahmedabad (1), Aurangabad, Amritsar, Bengaluru (11 stores), Mangalore(12), Bhopal, Chennai (3 stores), Coimbatore, Agra, Delhi (6 stores), Guwahati, Chandigarh, Durgapur, Gurgaon (2), Ghaziabad (2), Hyderabad (5 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana, Kolkata (5 stores), Kolhapur, Goa, Latur, Lucknow, Thane (2), Mumbai (9 stores), Panvel, Meerut, Mysore, Noida (2), Pune (4 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, Raipur Airport and Visakhapatnam.
  • 2018: Shoppers Stop operations expanded to 83 stores in 38 cities viz. Ahmedabad (2), Aurangabad, Amritsar, Bengaluru (11 stores), Mangalore(2), Bhopal, Chennai (3 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Durgapur, Gurgaon (2), Ghaziabad (2), Hyderabad (6 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana, Kolkata (5 stores), Kolhapur, Goa, Latur, Lucknow, Thane (2), Mumbai (9 stores), Panvel, Meerut, Mysore, Noida (3), Pune (4 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, and Visakhapatnam.
  • 2019: Shoppers Stop operations expanded to 89 stores in 40 cities viz. Ahmedabad (1), Aurangabad, Nashik, Amritsar, Bengaluru (10 stores), Mangalore(1), Bhopal, Chennai (3 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Guwahati, Durgapur, Gurgaon (2), Gurugram- Haryana, Ghaziabad (2), Hyderabad (6 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana, Kolkata (6 stores), Kolhapur, Goa, Latur, Lucknow (2), Bhubaneshwar Thane (2), Mumbai (10 stores), Nashik, Panvel, Meerut, Mysore, Noida (3), Pune (5 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, and Visakhapatnam.
  • 2020: Shoppers Stop operations expanded to 90 stores in 42 cities viz. Ahmedabad (1), Aurangabad, Nashik, Amritsar, Bengaluru (9 stores), Mangalore(1), Bhopal, Chennai (2 stores), Coimbatore, Agra, Delhi (6 stores), Chandigarh, Guwahati, Durgapur, Gurgaon (2), Gurugram- Haryana, Ghaziabad (2), Hyderabad (6 stores), Indore, Jaipur (3 stores), Jalandhar, Ludhiana, Calicut, Kolkata (6 stores), Kolhapur, Goa, Latur, Lucknow (3), Bhubaneshwar Thane (2), Mumbai (10 stores), Nashik, Panvel, Meerut, Mysore, Noida (3), Pune (5 stores), Surat, Siliguri, Vadodara, Vijayawada, Raipur, and Visakhapatnam.
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