Brown & Jackson expects to roll out its new Instore brand to up to 100 of its Poundstretcher stores by the end of next year.
Chief executive Angus Monro told delegates he will evaluate the new brand over the crucial Christmas period before beginning a roll-out at the end of January. Christmas sales account for three-quarters of profits.
A seven-store trial of Instore began last month. 'Early results are very positive,' said Monro.
With sales of£300 million from 340 outlets, 'Poundstretcher is an under-potentialised asset' that could grow to 650 stores over the next five years, Monro maintained. The retailer hopes to close about 30 stores, relocate a further 100 and open 350 more.
Instore was introduced to reverse the 'bargain basement' perception of Poundstretcher. Product ranges have been revamped, with more merchandise directly sourced or designed in-house. New financial systems have been introduced, while staffing has been overhauled with the appointment of regional and store managers and buyers - all now shareholders in the business.
It is hoped Instore will improve the presentation of the business to the consumer, while maintaining keen prices and allowing Poundstretcher to differentiate itself from rivals.
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