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Mr DIY Group, a Malaysian home improvement chain, is on track to meet its target of opening 175 stores this year despite setbacks from the pandemic. CEO Adrian Ong said in a forum hosted by Rakuten Trade that Mr DIY frontloaded store openings early this year before stricter bans on movement were imposed.
"From June to August, no new stores were opened but we were quick off the starting line. We were ahead of our targets at the halfway mark," he said. As of June 30, Mr DIY had 827 stores.
Store openings resumed in September. Media reports state the group plans to launch 35 stores across its three brands this month, 17 of which would be Mr DIY outlets. Of these, three will be smaller Mr DIY Express stores.
Raising its store count is one of Mr DIY's three strategies for growth. "Returns on average for new stores are very good," Ong noted. The retailer also keeps pricing competitive and controls costs.
Mr DIY's market share in Malaysia has grown to 35 per cent from 16 per cent in 2016. Revenues have risen 28 per cent annually on average.
"From June to August, no new stores were opened but we were quick off the starting line. We were ahead of our targets at the halfway mark," he said. As of June 30, Mr DIY had 827 stores.
Store openings resumed in September. Media reports state the group plans to launch 35 stores across its three brands this month, 17 of which would be Mr DIY outlets. Of these, three will be smaller Mr DIY Express stores.
Raising its store count is one of Mr DIY's three strategies for growth. "Returns on average for new stores are very good," Ong noted. The retailer also keeps pricing competitive and controls costs.
Mr DIY's market share in Malaysia has grown to 35 per cent from 16 per cent in 2016. Revenues have risen 28 per cent annually on average.
