After unveiling rocketing first-quarter sales, B&M boss Simon Arora reaffirmed his belief that the impact of Brexit on the economy would attract new customers.
“In these uncertain times, and with inflation returning to the UK market, more and more shoppers are actively seeking out value in our stores,” Arora thundered today.
If increasing numbers of shoppers are, as Arora surmises, seeking a bargain in light of uncertainty, this will put the value retailer in a strong position to grow, and meet its ambitious target of 950 UK stores.
The UK’s divorce from the EU, in this case, should also be good news for the other retailers that operate a discount model.
Indeed, both B&M’s rival The Range and discount grocer Lidl have been brazen in recent months about their plans for rapid property expansion over the next few years, so there may well be something to Arora’s prophecy.
Elsewhere today, Paperchase is turning over a new leaf as its long-serving finance director David Bateman is departing the business after 17 years.
According to the stationery retailer, Bateman will take a break after his lengthy tenure, and his replacement is yet to be unveiled.
But it does mark a period of transition for Paperchase, which recently appointed former Pets at Home boss Nick Wood as chairman and is launching new stores overseas.
Quote of the day
“There were discounts on one style of Beats by Dre headphones, in a rather ghastly colour that Amazon presumably had struggled to shift, while the remaining offers in the category were on obscure, little-known brands that I assume paid for the privilege of being part of Prime Day”
Retail Week head of content Luke Tugby in his column on Amazon Prime Day
Today in numbers
The number of locations where the CMA believes there is an overlap between Tesco shops and Booker-supplied independent stores
The number of Next Home stores that will stock Eve mattresses by the end of July
Tomorrow brings a third-quarter update from Asos, and look out for Retail Week’s exclusive video interview with The Works boss Kevin Keaney.
Emily Hardy, senior reporter