Hobbycraft boss said smaller stores have allowed the business to access the London market and it is aiming to open 30 more in the capital by 2019.
Hobbycraft chief executive Catriona Marshall today unveiled a healthy jump in full-year sales and profits helped by website improvements, new stores and a focus on value.
She said that the arts and craft specialists’ second year of growth was driven by “an expanding store network and established online trading platform”.
Speaking to Retail Week, Marshall said: “Taking the store model down in size meant that we could afford to get into Greater London.”
She said: “We’ve already got about ten stores on the outskirts of the capital, but we would like to have around 30 stores within easy reach of London.
“We plan to open 8-10 stores a year for the next three years, so we should reach this target fairly quickly.”
“We’ve already got about ten stores on the outskirts of the capital, but we would like to have around 30 stores within easy reach of London”
Catriona Marshall, Hobbycraft
Traditional Hobbycraft stores are between 8,500-10,000 sq ft, but the smaller stores range from 6,000-7,000 sq ft. The stores hold less stock, which is changed more frequently – enabling the retailer to harness changes in fashion and trends.
Marshall added that while the business has no plans at present to open stores in central London, it would roll out its small-format stores elsewhere across the country.
She said: “The small format is working well in Greater London, so it makes sense to use it elsewhere.”
The retailer, which currently operates from 85 shops, has opened small-format stores in Borehamwood and Greenwich in the past year.