1) Languishing throughput, 2) rising cost of retailing and 3) shrinking cost arbitrage between this off-line pipe' (read: department stores) and online folks make us wary about the long-term vitals of this format. Ergo, we downgrade the counter to SELL (earlier NEUTRAL). Note: The de-rating cycle for global department stores has been quite severe and we fail to see why Indian counterparts buck the trend. We revise our DCF-based TP marginally upwards to Rs. 370/sh (earlier Rs. 360) largely mimicking revision in FY21/FY22 EBITDA estimates (+4% each) to factor in better SSSG and revenue per sq. ft on low base. Industry pioneer STOPs performance continues to be lackluster as 1) the department format continues to lose footfalls courtesy struggling legacy standalone stores. 2) Private label-led upside in top-line/profitability is expected to be gradual, if at all as the apparel space continues to fragment, 3) Cost of retailing is inching up (up 96bp/260bp YoY over 9MFY20/2 years), 4) Working capital continues to balloon, 5) Cost arbitrage between this off-line pipe and online folks continues to shrink.