One of Australia’s iconic technology retailers, Dick Smith, has made moves to take its products closer to the skies giving new meaning to the term “moving on up”.
Dick Smith’s MD and CEO, Nick Abboud, said: “We are extremely excited to join Gebr. Heinemann and provide Sydney flyers with their consumer electronics needs under our innovative Move store banner, whether they are computers, tablets, audio or accessories.
“Customers will be able to buy the product they need at all seven locations or chose to click and collect, ordering online and picking up airside, increasing convenience and shopping experience.
“This opportunity is consistent with our strategy of achieving strong sales and profit growth through low capital intensity initiatives such as David Jones and Move”.
“We anticipate this initiative generating up to $50 million in sales in the first full year, at modest capital expenditure or set up costs.
“Customers will benefit from Move’s innovative retail concepts and products, as well as the strong buying power associated with Dick Smith’s 380 stores, with margins anticipated to be similar to those enjoyed by the Company.
“These stores are in addition to the approximately 20 new stores we expect to open in 2015”, concluded Mr Abboud.
Despite headlining its press release with a February 2015 timeframe, Dick Smith states it “expects to commence selling in February/March 2015, with the contract term initially for six and a half years.”
Dick Smith’s moves with Move aren’t the end of its flights of retail fancy, saying it is looking at “further opportunities with Gebr. Heinemann to expand its reach throughout Asia.”