Indian department store chain snaps up 19%
Indian department store retailer Shoppers' Stop has exercised its option of buying a stake in food retailer HyperCity, by taking a 19 per cent shareholding out of a total 51 per cent available to it.
The move follows a Memorandum of Understanding signed between Shoppers' Stop and HyperCity last month in conjunction with the Home Retail Group to develop Argos stores in India.
HyperCity has only one store in India at present - a hypermarket in Bombay - but it plans to establish a network of up to 55 hypermarkets across the country by 2015. These will be located in middle-class areas in major Indian cities.
No comments yet