Dick Smith embarks on ambitious growth strategy

Dick Smith embarks on ambitious growth strategy

Plans to open 77 new stores in the next three years, focus on an omni-channel strategy and customer service

Dick Smith CEO, Nick Abboud, announces company plans

Dick Smith CEO, Nick Abboud, announces company plans

Retailer, Dick Smith, has announced ambitious growth plans for A/NZ that include opening 77 new stores in the next three years.

This comes on the back of opening its new Sydney central store and a Lilydale store in Melbourne.

Before the end of FY14, the retailer plans to open 17 new stores, with a goal to increase its footprint from 323 to more than 400 locations in the next three years.

In New Zealand, it will invest in store refurbishments, and has so far upgraded Pukekohe and Sylvia Park, with 10 more upgrades scheduled for the coming year.

The retail chain boasted a turnover of $1.3 billion, good balance sheet, net assets worth $160 million at the end of June and no core debt.

Besides focusing on computer gear and home entertainment, it will also give customers the chance to experience the latest mobile offerings.

Apart from opening more stores, the retailer is also banking on stocking reputable brands such as Apple, Sony and Samsung, and customer service that involves an omni-channel strategy. This will provide more options for customers to shop in store, online, via click and collect or their mobile device with the upcoming launching of its new Dick Smith app.

With Samsung, Dick Smith will establish a ‘store-in-store’ presence in new outlets and it will be introducing Samsung computers into its New Zealand stores. It also plans to form a strategic partnership with Apple, focused on expansion.

In Australia, Dick Smith is planning a post-paid mobile phone roll out in September, whereas in New Zealand, its telco offering is now represented by all the major players including Vodafone, Telecom, 2 degrees and Skinny. Other key brand partners include Beats and Go Pro, who will distribute in 130 stores throughout Australia and New Zealand.

Dick Smith CEO, Nick Abboud, said it also has a recruitment strategy to bring in the best people to deliver its growth plan.

“For instance we are investing in the development of our sales team through the roll out of our Serve Forward training program, which is designed to ensure Dick Smith is a customer-led business,” Abboud said.

“Through this, we are building a high performance culture that will be highly rewarded for delivery through programs like our CEO Platinum Club and an improved commission structure.”

Dick Smith currently counts more than 4000 employees across A/NZ.

In September last year, Woolworths sold the Dick Smith chain to private equity firm, Anchorage Capital Partners for about $20 million.

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