Dymocks’ will open at least 20 more stores over the next three years as it plots its growth across the country.
There will be both suburban and regional sites included in the mix, Dymocks CEO Mark Newman told Inside Franchise Business.
In particular Australia’s far north is ripe for the bookstore chain, he said. “We’re not in the Northern Territory and Queensland is under represented.”
While retail has been tough in many categories through Covid, overall the book retail market has grown a significant 15 per cent over the last year, and Dymocks has had its share of this business boost.
“Regional and suburban has done very well, the CBD is improving,” Mark said.
There are four key elements for business growth:
- Growing the network from 50 to 75 stores.
- Harnessing omni-channel which is critical for the longevity of the brand and franchise partners.
- Store growth and profitability.
- A clear brand position around the tagline ‘Locally owned, nationally known’.
The bookstore chain’s omnichannel approach has been vital to its success. And it’s only going to get better, promises Mark, as the business boosts the search function, and in-store installs assisted self-checkout and online ordering and provides easy-to-navigate store maps.
The strategy to boost profitability will focus on improving mark-ups on books, and increasing book-related products. Dymocks has developed its own range which includes booklights and bookmarks set to launch in August/September.
Find out more about the opportunities available with Dymocks here, and read the full story in the upcoming August/October edition of Inside Franchise Business magazine.