Shoppers Stop's hypermarket retail operations have seen some high-level exodus after Bhandri had decided to disassociate with the company.
Former Spencer Retail executive Ramesh Menon has joined Shoppers Stop's hypermarket chain HyperCity Retail (India) Ltd as the new chief executive officer (CEO).
Industry sources told dna that Menon takes over after Vipin Bhandari quit HyperCity sometime last year. The big-box retail chain was operating without a CEO for almost a quarter now. Menon becomes the third CEO at HyperCity in the last 20-odd months after Mark Ashman decided to move back to the UK as his contract with the retailer ended in June 2014.
Responding to a dna query, Govind Shrikhande, customer service executive and managing director, Shoppers Stop Ltd, said in an emailed statement, "As CEO of the company, Ramesh Menon will be responsible for leading the company's growth strategy, path to profitability, store operations, and more. We are confident that his rich experience and able leadership will help the company grow."
Menon, according to his Linkedin profile, has over 25 years of cross cultural, general management, experience in multinationals and family owned professionally run organisations across India, Middle East and Africa in the areas of FMCG, retail and more recently, manufacturing and telecom. Menon's last professional assignment was with Reliance Communications as national head wireless (GSM) operations.
Shoppers Stop's hypermarket retail operations have seen some high-level exodus after Bhandri had decided to disassociate with the company. While there were market rumours about two more exits, from the company earlier, industry sources have confirmed that the two exits have happened as well. "Abhijeet Patil who was DGM, marketing and visual merchandising and Darshana Shah, senior vice-president of marketing and visual merchandising at HyperCity Retail have quit," said sources familiar with the development.
Shoppers Stop did not comment on the exits though.
In its third quarter results announced recently, Shopper's Stop said that HyperCity currently operated through 17 stores (including the newly launched 47,000 square feet store in Noida during the quarter under consideration) spread over an area of 1.3 million square feet. Highlighting the key performance, company said that the hypermarket format's overall sales growth for the quarter ended December 31, 2016 stood at 2.4% through like-to-like sales were negative 0.8%. However, like-to-like sales per square feet rose 1.7%. HyperCity's operating profit (Ebitda) for the third-quarter stood at Rs 7.1 crore and share of fashion in the overall business was at 16.8%.
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