Trans-Tasman electronics retailer JB Hi-Fi has revealed a growth strategy for New Zealand that includes doubling its store network.
In an email to Inside Retail, JB Hi-Fi’s MD for New Zealand, Tim Edwards (pictured above), said the retailer sees a “tremendous growth opportunity” in the country relative to its success in Australia.
“Over the next three to five years, we are looking to double the size of our business as part of our ambitious growth strategy for New Zealand,” said Edwards.
The retailer operates 14 stores nationwide, but Covid lockdowns heavily hit its business there.
As part of its expansion strategy, the retailer plans to open a new 1100sqm store inside Hamilton’s Te Awa shopping mall this week.
The store boasts a brand new fit-out embodying the retailer’s unique “flair” while offering the “best shopping experience” for customers.
“Our latest layout design, including new tech performance pods, coffee tables, TV displays, fitness pods, and lighting design, makes the customer journey fantastic and ensures our supplier’s products can shine,” said Edwards.
The retailer is also hopeful to continue offering music and movies in-store which currently accounts for 24 per cent of transactions.
“We are proud to be the last major retailer of music and movies in New Zealand – it is part of the JB Hi-Fi DNA,” said Edwards. “So as long as there is demand for DVDs, Blu-Ray, CDs and Vinyl, JB Hi-Fi will meet it.”
- Further reading: Sales growth slows for JB Hi-Fi as consumers tighten spending.
