COURTS Asia has announced plans for a SG$10 million revamp of seven of its outlets in Singapore, beginning with an "overhaul" of its Tampines flagship megastore. The revamp for the flagship megastore is said to be completed by the fourth quarter.
This announcement comes after the company achieved "stable financial results" in June, according to the Straits Times. A spokesperson from COURTS confirmed the news to Marketing but declined to comment further.
According to Ben Tan (pictured), COURTS' new country CEO, the company seeks to remain competitive and differentiate itself through initiatives such as "enhanced in-store experiences" and "online offerings", as well as expand its focus on services.
Besides reinventing the in-store experience, COURTS also plans to launch a new website by the end of 2017, in a bid to boost its online platforms. This move comes after the company's website "struggled" to keep pace with customer traffic during Cyber Monday and other online promotional events. Tan also said it is in a "good position" to expand into omni-channel sales and expects online revenue to hit 15% over the next 10 years.
Earlier this year, COURTS Singapore appointed Jasmine Seow as merchandise director to drive the company’s commercial strategies and bolster COURTS’ merchandise and services in the new financial year. She continues to report to Tan. Prior to her new role, Seow was marketing director for around three years.
The company saw a rise in its earnings the past year for the financial year ending 31 March 2017. It achieved a net profit of SG$23.7 million, more than three times its restated profit for FY2015-2016 at SG$6.8 million.
However, distribution and marketing expenses saw a decrease to 7.6% of its revenue this year, down from 8.3% previously, due to lower advertising costs, said the report. These expenses amounted to SG$56.2 million in FY2016-2017, compared to SG$62.1 million in FY2015-2016.
According to COURTS Asia’s executive director and group CEO, Terence Donald O’Connor, the group’s financial performance was a result of a focus on driving cost and margin management.
“Over the course of FY2016-2017, the management team has also continued to invest in the business, differentiating the brand through solutions leadership,” O’Connor added.