Raheja-owned Shoppers Stop has revealed its investment plan worth Rs 40-crore on the setup of 3-4 new stores.

The company intends to open 3-4-stores by current fiscal at an investment of Rs 10-crore each. The expansion will be funded through internal accruals.

Presently, the company operates 27 stores across the country.

Govind Shrikhande, chief executive officer, informed that the multi-brand outlet, which saw a 20% reduction in footfalls last year, would continue to invest in new outlets as part of its long-term strategy.

On an average, the company would open at least 4 outlets every year, he added.

The Raheja Group, which has about 11 specialty format stores, is currently facing the heat of the economic slowdown.

Earlier this year, the group has shut down its bookstore format, Crossword, in Chennai, New Delhi and Mumbai airports, as well as its airport retail venture Stop & Go in Mumbai.