B&Q is investing £69m into bolstering its stock and in-store offering as it plans to launch three new major product range changes over the following months.
The home improvement retailer, which is part of the Kingfisher group, will invest £19m in new tiling and flooring ‘shop in shops’ within each of its 359 stores, launching £32m of “industry-leading product” and injecting an additional £18m in a fashion-led range aimed at women.
B&Q has begun developing the tile shops in store at a cost of £10m, which will offer wall and floor tiles as well as indoor and outdoor products.
The retailer’s new sorcing strategy means 35% of the new tiling range will be common across the group, giving customers across all stores accessibility to the same stock.
B&Q chief executive for UK and Ireland Martyn Phillips said: “These new ranges within our Colours brand are a real move on for B&Q and will give customers the latest in style and quality at affordable prices.
“Customers from Penzance to Perth can buy products in B&Q knowing they are as stylish as those sold in our sister stores in Paris – globally sourced yet tailored to local trends and at the best possible prices.”
Décor departments in every store will also get a makeover, offering customers new design showrooms with 15% of the range group sourced across the Kingfisher group. In August, flooring ranges will also be refreshed, offering customers 100% new real wood flooring, parquet-look styles, and extra long planks. Over 40% of the flooring range will be group sourced.
The investment comes as B&Q is expected to report an 11% fall in like-for-like sales for its first quarter this week, as a result of the recent wet weather. Analysts Panmure Gordon also forecasted the retailer’s profits for the quarter will be down 11%, generating £66m.
Kingfisher’s overall profit is expected to drop 7% to £162m for the same period.