Theo Paphitis Group eyes expansion of store network
Theo Paphitis has said his retail businesses are looking to expand their store network and have identified 200 sites to investigate.
Speaking at this week’s home, gift and fashion show Autumn Fair, he urged emerging retail businesses to take the opportunity to open bricks-and-mortar stores now.
He said: “Now is the time to do it, with lower rental costs and lower business rates, I can only see opportunities for physical retail to grow again. There is no better time to open a physical store.”
In addition to highlighting the growth in convenience and localised shopping due to the emergence of Covid-19, Paphitis said the pandemic had brought about an “amazing” retail experiment.
He added: “We’ve had so many conversations in the board about closing stores over the years, but Covid has been a forced experiment that has allowed us to just focus on online. It has also made customers more used to technology, and now we can enjoy hybrid retailing – giving customers what they want, when they want it, and meeting their different expectations for both.”
Theo Paphitis Group’s retail brands include Ryman, Robert Dyas, Boux Avenue and London Graphic Centre.
Autumn Fair 2021 is running until 8 September at Birmingham’s NEC.
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