Essential reading for retailers and suppliers in the home improvement market

Turnover falls at Robert Dyas as Theo Paphitis warns of “perfect storm” for retail

Published: 6 January 2017 - Jenny Wonnacott

Owner of Robert Dyas and former Dragon's Den star Theo Paphitis has warned retailers that they are facing a “perfect storm” this year as his retail group posted its full year results.

Sales were down at Robert Dyas, and boss Theo Paphitis has warned that retailers are facing “the perfect storm” this year
Sales were down at Robert Dyas, and boss Theo Paphitis has warned that retailers are facing “the perfect storm” this year

Turnover at Robert Dyas fell by 4.4% for the 2016 sales period. Mr Paphitis also saw a decline for his stationery business Ryman which dropped revenue by 2.5%, though his lingerie retailer Boux Avenue grew sales by 21.5%.

He said, “Working with heritage brands Ryman and Robert Dyas that have both been around for over a century, the pace of change is more challenging and opportunistic than ever. Having started the Boux Avenue business only five years ago, even in this relatively short space of retail history, we have seen our business plan adjusted to take into account the momentous changes in shoppers' habits.

“Retail, especially within bricks and mortar in the UK, is facing the perfect storm. As mentioned above, changes in consumer habits, the impact of the weaker pound against the dollar and euro, coupled with increasing labour costs, the apprenticeship levy and the sucker punch in the lack of an honest and equitable reform of what is an archaic system of business rates.

“The facts are that footfall and activity on our high streets and town centres are in decline but businesses like ours are about to see an overall increase instead of decrease in their rates bill in the next 12 months.”

Speaking of his businesses' results, he added, “Once again, we observed the further shift of our customers to purchasing online with growth in this channel across the group being over 50% ahead of last year.”

Comments


(Your email address will not be published)
Already Registered?
Sign In
Not Yet Registered?
Register
Printable View E-mail Bookmark
*

What do you think?


How have outdoor living lines been performing for you this season?




Latest reader comments

re: Quick and easy wood treatment oil from Frogsuit

Beverley
Hi, please confirm if Frogsuit can be used on all external wood doors and sheds.RegardsBeverley...

re: Quick and easy wood treatment oil from Frogsuit

Chris - Frogsuit Ltd
Hi Arthur, thank you for your query. Depending on the product and the type of wood you may need to prepare the items prior to application. ...

re: Kingfisher appoints new CEO

B&Q bob
Not good news for BQ staff supermarket bosses have little respect for staff or staff retention, also see every opportunity to increase ...

re: Quick and easy wood treatment oil from Frogsuit

Arthur
Hi, I watched your slot on QVC this morning and was quite impressed. However, I do have a question. The slot demonstrated Frogsuit being ...

re: Women line up for B&Q DIY classes

Linda Harman
Are there any ladies DIY classes near Burnham on Sea Somerset...