DIY retailer Focus is to downsize approximately 40 of its 176 stores as chief executive Bill Grimsey steers the business into the next phase of its recovery plan.
Grimsey intends to axe up to 450,000 sq ft of space and for Focus to trade from sites measuring about 23,000 sq ft, with additional 6,000 sq ft to 8,000 sq ft garden centres.
“The stores we have are all well-located and fit our target profile, but we still have too much space,” said Grimsey. “We are a compact format and, in that size arena, we will be the best in the sector.”
Focus has instructed retained property agency Harvey Spack Field to negotiate with landlords to take back the space and pull in new tenants. Focus will seek concessionaire partners for about 40 stores that cannot be carved up. About 80 stores are already at the retailer’s optimum size.
Harvey Spack Field managing partner Jonathan Salt said: “We hope landlords will be receptive, as the money Focus claws back from downsizing will be reinvested in the store design, making the property a better investment.”
Focus is also seeking new properties and will open its first new-format store next month in Wantage, Oxfordshire. Grimsey said: “There are more than 100 locations across the UK where Focus could work, but we need to make the primary focus the existing estate.”
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