Shopper's Stop, HyperCITY ink MoU for Argos

Shopper’s Stop and HyperCITY Retail, the two retail ventures of K Raheja group, on Friday signed a memorandum of understanding with UK’s leading retail chain Home Retail group to develop the Argos retail format stores in India.Argos is among the leading general merchandise retailers in the UK and Ireland which operates a unique format of catalogue stores, along with home shopping and on-line retail. ET, on January 23, had reported that K Raheja group was close to signing the deal with Argos.The stores and the catalogue shall be branded HyperCITY-Argos and shall be operated by an SPV jointly owned by Shoppers Stop and HyperCITY Retail. The business would be initially launched in the Mumbai region and will be rolled out nationally in the long term.B.S. Nagesh, managing director, Shoppers Stop Ltd MD BS Nagesh said: “This unique retail format of Argos is particularly suited to the urban, densely populated areas, where retail space is expensive and limited in supply. Home Retail Group has developed the capability to manage this unique and highly successful retail format very efficiently, and through the franchise arrangement we shall jointly adapt this capability to the Indian environment”.Home Retail Group CEO Terry Duddy said: “We are always looking for opportunities that allow us to leverage our skills, sourcing scale and capabilities. We are, therefore, delighted to announce this tieup that will enable us to evaluate the appeal of the Argos proposition to consumers in the emerging market of India.”Argos is a catalogue retailer and sells general merchandise and products for the home from over 670 stores throughout the UK and Republic of Ireland, online and over the telephone.In the last financial year, Argos sales topped 3.8 billion. Argos serves over 130 million customers a year through its stores and takes 4 million orders either online or over the phone. Argos, which is owned by the Home Retail Group, is one among the many retailers in UK who are eyeing the fast-growing Indian retail market.
courtesy:economictimes
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