The European home improvement giant that is looking to expand amidst the upheaval wrought by the pandemic
March 28, 2021: Thierry Garnier, the CEO of Kingfisher, European home improvement store told the press the retail giant has plans to expand.
The company currently owns 1400 stores, including those under brand names, Screwfix and B&Q. With stores across Europe, from Ireland to Turkey, they plan to expand to France next.
The pandemic which has troubled many traditional brick and mortar businesses and has disrupted many industries, has apparently failed to faze the company. Kingfisher, which was allowed to keep its stores open, saw an increase in sales last year, a result most likely attributable to the free time people had to devote to home improvement.
Even after restrictions are lifted, the trend of “working from home” is unlikely to decline quickly. According to Thierry, “when you spend more time at home, the house itself becomes more important so you’re going to allocate it a bigger budget.”
That is not the only new market being eyed by the company, they now plan to launch smaller stores where, customers can “click and collect” for faster deliveries. Official data shows a jump in DIY demand in Britain with a 2% jump in sales for Kingfisher and a whooping 15% jump for Home Depot across the pond in US.
Garnier who is sure the pandemic is unlikely to harm their business model, has nevertheless warned governments to address problems posed by digital giants like Amazon who continue to monopolize some segments and are untouched by taxes. He also called on the Finance Minister for UK to slash taxes on commercial properties.
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