CeX continues steady growth
The launch of two new franchise stores has put CeX on target to reach its aim of nationwide coverage within five years
With 53 stores across the country CeX is fast becoming a prominent name on British high streets and it has continued its nationwide growth with the opening of two new franchise outlets. Franchise Director Hugh Man explains: 'Through franchising we aim to achieve national coverage, making our goods and services widely available and the CeX name synonymous with affordable technology.'
CeX specialises in selling goods from seven main product lines it calls 'super categories', which are: Video Games, DVDs, Computing, Electronics, Mobile Phones, Vision and Music CDs. In addition customers are able to exchange their unwanted or used goods for cash or another product. Hugh explains: 'Upgrading to keep ahead is paramount for technology buffs and this is not only true in the fast moving world of computers. DVD has entered the living room faster than any previous device and the videogame business is huge, its estimated value is higher than any other sector in the entertainment industry.
'As well as this, our mobile phone business continues to grow as, after all, who doesn't have a mobile phone? For these reasons we currently store the buy and sell prices of over 150,000 lines. All of these innovations provide compelling motives for consumers to sell their older technology to CeX.'
In fact several CeX franchisees were previous loyal customers, such as Eddie Pike. He reveals: 'My first introduction to CeX was as a customer. I regularly visited a branch and saw how busy it always was, even on the quieter days of the week. As a customer myself I loved the concept of the business - I could see how successful it was so I enquired about the franchise. I spoke to the existing CeX franchisees, which turned out to be a very positive experience. Everyone is incredibly enthusiastic about the business and they have some great things to say. CeX were very open with me when it came to discussing the possibility of becoming a franchisee, they explained everything, showed me their results and made sure I could make a good, well-informed decision.
'The training that followed my decision to invest was great and covered everything I needed to know - it really sets you up to be confident when you finally launch the business. In the weeks leading up to my launch, CeX were incredibly supportive. To start with they undertook a big evaluation to find me the best location for my business. This is incredibly important to a retail business and so it's great that they go to such lengths to get it right. They also helped set up the store and made sure everything was in place for the first day of training - CeX are very experienced and extremely competent in what they do.'
Although all franchisees are given training and ongoing support in the running of their business, potential franchisees must still be prepared to put in a lot of hard work. Eddie comments: 'To make the most of the business, some sales skills and experience in a retail environment would be really helpful, but not essential. You need a willingness to work hard above anything else - to put the time into the business to make it a success. However, I find that one of the most important things is to love the product - you need to be passionate about what you're selling. With CeX's product range, there's a lot to be passionate about.'
Franchisee Stephen Boult, who owns three CeX stores, also believes being passionate about the products is important: 'I love the gadgets and the fact that it is a very unique concept. The gadgets are constantly being upgraded. Lots of different products are continually being brought in so that when I'm at another store and return it's good to see what we have new in. I'm very fortunate to be in a business where I love the products we sell.'
With the recent opening of two new franchise stores and with existing franchisees expanding their businesses, CeX is on target to reach its aim of nationwide coverage within five years. Hugh concludes: 'With continued growth in the markets we trade in, boosted by the rapid turnaround of new technology and launch of new platforms such as the Xbox 360 and the PS3, our business model is proving extremely popular. We have hundreds of enquiries from potential franchisees and territories are quickly being snapped up.'
Text: Derin Ibrahim
CeX franchisees benefit from an established and proven business model, including:
- Initial training and ongoing updates
- Limited competition
- Stock and pricing advice from the experts
- Ongoing support including intranet
- Hands-on store set up, including site identification, design & outfit
- Bespoke EPOS designed especially for buying, selling and exchanging goods
Providing you with the building blocks for a great business...
We're so confident that you will be satisfied with a CeX franchise that we offer a Buy-Back Guarantee if you're not.