Sports Direct owner Mike Ashley has launched a discount store as he makes his first foray into the general merchandising and discounting sector.
Ashley’s new store concept operates under the name ‘Mega Value’ and the first store has launched in Kidderminster on the site of a former department store, according to The Mail on Sunday.
It is understood Ashley, who has become a billionaire off the back of his sportswear and fashion retail businesses, is also preparing to launch websites under the names MegaValue.com and MegaValueDirect.com.
Ashley has built his retail empire through hard-hitting negotiating skills and his Mega Value business has launched under a ‘we will beat anyone’s price’ promise.
Mega Value is expected to challenge B&M and Wilko with a similar proposition. Its product range will include small electricals products, crafts, health, beauty, outdoor goods, garden tools and garden furniture.
A spokesman for Sports Direct declined to comment on the reports when contacted by Retail Week.
Ashley has loomed even larger over the retail industry of late owing to growing scrutiny over his employment practices, including Sports Direct’s use of zero-hours contracts.
Ashley has also steadily built a fashion business which includes Republic, USC, Flannels and Cruise.