Profits Up At 99p Stores
Store of the future
The fixed price high street retailer has introduced bagged fresh produce into its range over the last few weeks as it looks to compete with convenience stores. In an interview with Retail Week, chief operating officer Tony Brown has set out his vision for what the store of the future will look like for the retailer.
This is going to build on the coffee and bakery offer with the addition of packed produce which is hoped will help change the perception of the stores.
The retailer plans to roll out 60 stores this year featuring an enhanced chilled range, bakery, extended grocery ranges and a coffee offer. There are plans for another 90 in 2015.
The retailer has also reported that for the year to February 1 sales were up by 8.5% to £370m. Operating profit also increased for the same period - up from a £100,000 loss the previous period to +£400,000. The retailer is aiming to increase its store numbers from 250 to 350 by the end of 2017. A further four or five larger format 99p Stores Plus are set to open this year, adding to the discounter’s current 1.8m sq ft sales space.