All Office articles
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Prospect Analysis
Technology strategy at Office
Office’s owner Truworths set out objectives for the retailer on its acquisition which included developing its omnichannel offering, creating a single customer view and international expansion.
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Prospect Analysis
Office (Strategy)
Office is a dynamic footwear retailer that has carved out a distinctive niche by focusing on fashionable footwear for the younger market, but is also a destination for anyone looking for fashionable shoes.
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Prospect Analysis
Stores at Office
Following a period of expansion, Office has contracted its store network over the past four year, bringing its estate down to around 85 UK stores in FY2022. The vast majority are standalone stores, despite the retailer originally operating only concessions. Its concession presence has dwindled, but remains a core part of its domestic operations.
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Prospect Analysis
Office (Overview)
Office is a fashion-oriented footwear retailer which operates just over 80 stores in the UK and around 11 concessions in locations including the Republic of Ireland, Germany, the US and South Africa. The retailer has been focused on online and international expansion, following its acquisition by South African group Truworths’ in late-2015.
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Prospect Analysis
Office (SWOT)
Office has developed a niche position, supported by management’s ability to choose the right brands as well as a strong own-label offering.
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Prospect Analysis
Office (People)
Kerry-Lee Van der Merwe became permanent managing director at Office from August 2020 but moved on to TFG London as group chief financial officer in October 2021. Former Topshop Topman chief operating officer Jon Richens joined Office as managing director in July 2021.
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Prospect Analysis
Office (Financials)
The challenges facing Office were exacerbated by the pandemic, with the retailer reporting four consecutive years sales declines until a recovery in its latest financial year. Sales grew 16.2% year on year to £228.1m for the 2022 financial year to 3 July 2022 (FY2022). This was against a difficult period the previous year when overall sales declined 17.3% to £196.4m in FY2021 on the back of a number of permanent store closures, as well as lockdown-related temporary store closures.
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Prospect Analysis
Ecommerce at Office
Office’s Hybris Portaltech-based website has been routinely upgraded to focus on its design and functionality. However, the retailer recently planned to undertake a complete revamp of its website which will support international currencies and payment methods.
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Prospect Analysis
Customer and marketing at Office
Office has historically been marketed as a mid-market and trendy fashion-footwear brand. Highest appeal is amongst the female 16-25 age group, within which students are a core demographic and incentivised with a 10% discount on all purchases.
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Prospect Analysis
Supply chain at Office
Office operates warehouses in London and Kilmarnock, both of which use the Midas integrated distribution and accounting system for stock management and sales reporting. The retailer has invested to overhaul its backend operations to support its Oxford Street ship-from-store proposition and expansion of its click-and-collect service from 2019 onwards.
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Prospect Analysis
Office (Outlook)
At the height of the coronavirus pandemic in April 2020, Office became the latest in a long list of retailers reported to be looking for new funding, with South African owner Truworths raising the ‘For Sale’ sign on the business.
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News
JD Sports and Sports Direct square up for Office takeover
Retail rivals JD Sports’ Peter Cowgill and Sports Direct’s Mike Ashley are among the prospective bidders for footwear chain Office.
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Analysis
CEO churn: Why are retail bosses booted out so quickly?
The turnover of retail CEOs reached its highest level since 2012 last year. Why are retail’s leaders sent packing so frequently?
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News
Office boss departs as COO steps up
Office chief executive Lorenzo Moretti has stepped down with immediate effect and will be succeeded by the shoe retailer’s chief operating officer.
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News
Office earmarks 15 loss-making stores for closure
Office is mulling the closure of 15 stores in the UK over the next two years as part of a wider turnaround strategy from parent company Truworths.
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News
Office latest high street retailer to mull CVA
Office is considering launching a CVA as part of a restructuring process which is expected to take place over the next few weeks.
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News
Store gallery: Office reopens flagship Oxford Street store
Office has reopened its flagship Oxford Street branch as a brand new concept store, after a three-month refurbishment.
