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Tag: Jysk

  • Jysk Thailand to open 30 stores in five years

    Jysk Thailand to open 30 stores in five years

    Scandinavian furniture and homewares brand Jysk has launched its first store in Thailand with local franchise partner Boonthavorn Group. Located in a Ratchapruk shopping centre, the opening is the first of a planned six Jysk Thailand stores, with 30 anticipated to open within five years. A flagship and a small subway station outlet are among the stores scheduled to open shortly.

    Jysk Nordic’s franchise director Frederik Kare Kroun said one of the strengths of Jysk is its ability to be close to its customers by having a widespread network of stores.

    “That requires a good franchise partner, and by partnering up with Boonthavorn Group, I believe that we have an extremely strong foundation for the operation in Thailand.”

    Boonthavorn Group CEO Sitthisak Tayanuwat said: “Boonthavorn, with 40 years of experience with home styling products, will now place Jysk in its 51st country. To achieve this no less than 30 branches are planned to open all over Thailand within the coming five years.”

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  • Courts Asia expansion drives huge profit rise

    Courts Asia expansion drives huge profit rise

    Courts Asia’s strategy of spreading its interests into neighbouring countries is paying off already.

    The company has today announced a 253 per cent quarterly increase in profit to S$6 million and a 77.8 per cent rise to S$12.1 million for the first half year. Gross profit for the second quarter rose 12.4 per cent thanks to a focus on higher gross profit margin and higher sales.

    While Courts Asia’s second quarter last year was exceptionally challenging, the high growth from a low base should not cast a shadow over an exceptional retail strategy, especially given the almost stagnant nature of the Singapore retail market this year, Courts Asia’s main market, where sales actually slipped 2.6 per cent.

    Revenue in neighbouring Malaysia, its second biggest market accounting for 35 per cent of total sales, rose 13 per cent in Singaporean currency and 27 per cent in Malaysian Ringgit, mainly due to bulk sales for digital products. That in itself is an achievement as consumer spending in Malaysia tanked after the introduction of GST on April 1.

    “Malaysia has continued to post a good showing with active marketing of our refreshed Courts branding and credit campaign nationwide,” said group CEO Dr Terry O’Connor. “Likewise, we will focus on improving store productivity and cost-saving initiatives as we move forward.”

    In Indonesia, where the company is just getting started, sales rose 5.8 per cent with two new stores opening. A fourth new store is due to be trading by Christmas.

    “In Indonesia, we are progressing well and sales from our three stores, namely the Megastore in Bekasi and two smaller stores in Mega Bekasi Hypermall and Bogor, have kicked-in. Our second Megastore, located in BSD City, Southwest of Jakarta, begins operations by December this year. This new store also represents our fourth store in the country, and we expect economies of scale and operational efficiency coming into the next financial year,” said O’Connor.

    In Singapore, Courts is pinning its growth strategy on introducing new retail formats. The first JYSK Danish lifestyle store opened in Bukit Timah in September and US hardware brand ACE Hardware will follow by year’s end. O’Connor says exclusive partnerships with the two brands align with the company’s strategy of offering a comprehensive suite of solutions for the home.

    “We will be expanding both JYSK and Ace Hardware stores islandwide within the next five years.

    “Beyond cost-saving initiatives, we are focused on optimising the productivity and yield of each of our stores. In Singapore, we continue to rejuvenate our retail concepts to meet changing consumer trends and drive healthier margins.

    “Singapore’s retail environment remains subdued, but we expect a continued stream of demand for household appliances and furniture given the expected increase in supply of HDB flats in 2016. This is in line with recent policy changes such as the higher income ceiling and more Central Provident Fund (CPF) grants that have widened the pool of eligible buyers.”

    In both Malaysia and Indonesia, Courts Asia is targeting the burgeoning middle classes.

    “The recently announced Budget 2016 in Malaysia is slated to boost growth and home ownership with the planned construction of 351,000 housing units. We anticipate that this will drive further demand for affordable furniture and household appliances over the medium term.

    “In Indonesia, we plan to leverage on the country’s growing middle class and its strong standing as one of the region’s fastest growing nations by opening a total of six new stores in Indonesia over the next 12 months,” he concluded.

  • JYSK Vietnam plans up to 20 stores

    JYSK Vietnam plans up to 20 stores

    Furniture retailer JYSK Vietnam has opened the first of 10 to 20 planned stores.

    The announcement comes just a month after the Danish brand opened its first outlets in Singapore, stores-in-stores within larger outlets operated by its local partner Courts.

    It has selected NeatClean as its Vietnamese partner with the first shop scheduled to open today (October 28) and a second on November 27.

    NeatClean JSC chairman Doan Hong Hai, told Vietnamese news media he believes the JYSK brand has a positive future in the country.

    “We will focus on middle-class customers and plan to open 10 to 20 shops in the next five years,” Hai said.

    Despite being Denmark’s largest international retailer, the brand’s Asian presence before it landed in Singapore, was limited to China and Indonesia, where it trades under the JYSK Nordic brand.

    JYSK was founded in 1979 and now has more than 2200 stores in more than 39 countries and annual sales of euro 2.8 billion.

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  • Jysk’s first store in Singapore opened

    Jysk’s first store in Singapore opened

    On 26 September the very first JYSK store in Singapore (occupying 9,000 sq.ft. at the new Courts Bukit Timah store) opened its doors, with plans to open another 20 in the country within the next five years!

    Jysk-Singapore2

    JYSK, is an international retail chain from Denmark (with more than 2,200 stores across the world) that sells home necessities within the sleeping and living categories.

    JYSK in Singapore is operated through a franchise deal between JYSK and the furniture and electrical goods retailer Courts. Offering JYSK products means that Courts can expand its offers to its customers within interior design from now on.

    Singapore became JYSK’s 39th country to open a store in where the first outlet stocks about 1000 furniture and home wares items, designed in the popular minimalist Scandinavian style.

    Despite being Denmark’s largest international retailer, its Asian presence had been limited to China and Indonesia, where it trades under the JYSK Nordic brand.

    The Nordic brand is excited to be working with Courts.

    »Courts has 40 years of experience in Singapore and is already a very well-known brand in the country. JYSK can contribute with great offers and Scandinavian products, which are in high demand in Asia. There is no doubt that JYSK and Courts are a good match,« says Frederik Kroun, Franchise Director in JYSK.

    Courts executives first saw the home wares brand while in Indonesia scouting for locations for Courts stores and approached the brand’s head office to discuss a partnership in Singapore.

    Steve Church, Courts’ Group Furniture Firector, believes there is high synergy between the two brands.

    “We wanted to expand our portfolio by adding other brands into the mix, which would give consumers access to a more diverse and comprehensive range.”

    JYSK’s range is considered a massmarket offer, like Ikea, with a strong value proposition. JYSK stores in stores will be opened across the Courts Singapore network progressively over the next five years.

    Group CEO of Courts Asia, Mr Terry O’Connor, commented: “Homeowners’ tastes and needs are constantly evolving. Due to globalisation, there is now greater accessibility and therefore appreciation for global brands and their offerings. Joining hands with Ace Hardware and also with JYSK has allowed us to provide a more comprehensive suite of home solutions offerings to our customers and reach out to new customers, from DIY project enthusiasts to purveyors of design.”

    “In Singapore, where the cost of operations is high for a retailer, it is essential to find ways to innovate our offerings and improve overall productivity for our store bases,” he continued.

    Mr Jonas Schrøder, Communications Director, from JYSK, said: “Having a 40-year legacy in Singapore means that Courts has the industry know-how, network and rigor to shape the industry together with us. We are confident that combining our strengths with Singapore’s largest retailer will allow us to expand our business further while delivering a great Scandinavian offer for everyone within sleeping and living to customers.”

    JYSK Group has its origins in Scandinavia: the first store opened in Denmark in 1979. JYSK Group aims to establish a presence throughout the world, providing great offers to everyone.

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