Cash Generator opens 150th store
Fast becoming a major player on the UK high street, Cash Generator has opened its 150th store and entered the list of Top 10 UK discount retailers.
Having opened its 150th outlet, Cash Generator now joins competitors CeX and 99p Stores and more established high street names such as Home Bargains and Poundland in the list of Top 10 UK discount retailers according to number of stores*.
Following a strong start to the year, Cash Generator has opened 17 new stores in the last four months, welcomed eight new franchise owners to the network and increased profits for Quarter 1 on a like-for-like basis compared to the same period last year.
Cash Generator’s ambitious expansion plans continue apace. Underlining its vision to become one of the UK’s leading high street brands, Cash Generator is planning to open a minimum of 50 stores across the UK during 2011.
It will also create more than 350 new jobs this year at a time when retailers continue to face difficult trading conditions or even administration.
Managing Director at Cash Generator, Julian Urry, says: “Cash Generator has experienced an incredible start to the year. So far, expansion has been rapid and this shows no sign of slowing as we continue to harness interest in the brand and target new geographical locations for our store openings.”
Supporting the rapid growth of the business is a new brand strategy, which is based on providing a fresh perspective of the company’s product and service offering and communicating the three distinct areas of buy, sell and loan.
Giving consumers many different reasons to consider the brand in the current climate, Cash Generator will focus on becoming the ‘first choice for a fair deal’ and communicate that it is a credible, helpful and straightforward retailer that offers ‘fair deals made simple’.
The company has also overhauled its store layout, aiming to clearly define the three distinct business areas with their own colour coded in-store retail footprint.
Cash Generator’s famous blue and yellow branding will continue to reflect the retail offering, with merchandise well displayed allowing consumers to browse and buy with confidence. The introduction of a new and improved orange-coloured buying counter will ensure customers feel at ease as they sell unwanted goods while financial services will be promoted via a purple-coloured counter.
Well on its way to meeting its expansion objectives, Cash Generator has also invested heavily in a £650,000 TV advertising campaign, which will air for six months of 2011. Recently launched, the campaign had an immediate effect with a dramatic increase in footfall and sales at stores and a staggering growth in the number of hits on the retail website.
Marketing Director, Stuart Owens, concludes: “The review of our branding strategy and communications messages, combined with the TV advertising campaign, has been a significant investment for the business. Our promise to guarantee a fair deal will ensure customers consider Cash Generator first when they come to buy, sell and loan and we feel this will certainly contribute to improved trading results at the end of this financial year.”
* Top 10 UK discount retailers, based on store numbers:
Wilkinsons – 350 stores
Poundland – 335 stores
Poundstretcher – 320 stores
B&M Bargains – 230 stores
Home Bargains – 190 stores
Cash Converters – 155 stores
Cash Generator – 150 stores
99p Stores – 143 stores
CeX – 132 stores
TJ Hughes – 57 stores
Reported by Rick Wheeldon