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Wickes - Verdict Company Briefing

Wickes - Verdict Company Briefing

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Executive Summary

Wickes' Red Price promotion and better availability via its I-Replen programme has boosted its results in Verdict's 2013 How Britain Shops survey. Its strategy on physical space is prudent, reducing space in larger stores while opening new stores for better coverage. However, Wickes must improve its online conversion rate, which is among the lowest in DIY.

Key Findings

Benchmark your market share and sales growth in DIY & gardening and furniture & floorcoverings against Wickes over the past five years.

Gain a greater awareness of changes to Wickes' strategy and it affects both you and the overall market.

Better understand what factors have affected its financial performance and how we forecast will perform over its 2014 financial year.


In 2013, Wickes grew again as it invested more in price during its H2, more than counterbalancing a weather induced poor start to the year. However this growth impacted margins, as cost savings could not counterbalance discounting. We forecast that sales growth will improve further in 2014 as the housing market grows and it opens new stores.

A key element of Wickes' strategy has been improving store efficiency. This includes launching its i-Replen stock system and experimenting with how to achieve sales growth from a smaller format. These smaller formats will aid Wickes greatly as it can incorporate what it has learned here in its larger stores, further improving sales densities.

We forecast that Wickes' DIY & Gardening market share will grow in 2014 as price investment resonates with shoppers and external conditions, such as the housing market and consumer confidence, continue to improve. However, we do not expect share gains to be as strong as B&Q and Homebase due to its lack of exposure in gardening.

Reasons To Buy

How has Wickes' share of DIY & gardening and furniture & floorcoverings moved between 2009 and 2013 and how does Verdict see these changing in 2014?

What is Wickes demographic profile within DIY and how has it changed on last year? What factors have caused these changes?

How has Wickes' sales densities changed in the past three years after announcing plans to reduce its store footprint?

1 Outlook

1.1 Overview

1.2 Top Line

1.2.1 Emphasising quality while being more competitive on price will resonate with a more frugal customer

1.2.2 The gains that Wickes made in 2013's How Britain Shops series are encouraging

1.2.3 Wickes should reap the rewards from its early decision to rationalise its store space in 2014 and beyond

1.2.4 While its strategy of reducing space is the right way to go, Wickes is also correct to open more stores

1.2.5 Its ethical stance will stand the retailer in good stead

1.2.6 The retailer must focus on improving its website's conversion rate

1.3 DIY & Gardening

1.3.1 While the introduction of brands offers benefits, Wickes must be careful to strike the right balance

1.4 Furniture & Floorcoverings

1.4.1 Recent improved performance from Kitchens & Bathrooms bodes well for Wickes

1.4.2 Could do more to promote design credentials for kitchens

2 Company Overview

2.1 Overview

2.2 Company Information

2.3 Proposition

3 Recent Key Events

3.1 Overview

3.2 Company News

3.2.1 Wickes owner Travis Perkins to create 4,000 jobs

3.2.2 Andy Morrison becomes Wickes' first chief operating officer

3.2.3 Launches tool trade-in scheme

3.2.4 Wickes has aimed to improve its efficiency

3.2.5 Continues to experiment with smaller formats

3.2.6 Introduces Toolstation concessions into Wickes stores

3.3 DIY & Gardening

3.3.1 Wickes starts selling Dulux paints

3.3.2 Stops selling products with neonicotinoid pesticides

3.4 Furniture & Floorcoverings

3.4.1 Backs the new Water Mark

3.4.2 Separate Kitchens & Bathrooms stores performing well for the retailer

4 Financial Performance

4.1 Overview

4.2 Key Operating Statistics

4.2.1 Returns to growth as it invests in price

4.2.2 Current trading

4.3 Space

4.3.1 Wickes' strategy of reducing its footprint is starting to gain momentum

5 Operating Performance

5.1 Overview

5.2 DIY & Gardening

5.2.1 Lack of exposure to gardening insulates the retailer in 2012

5.2.2 Market shares

5.3 Furniture & Floorcoverings

5.3.1 Sector performance

5.3.2 Market shares

6 Customer Insight

6.1 Overview

6.2 DIY

6.2.1 Visitors

6.2.2 Main users

6.2.3 Conversion rates

6.2.4 Loyalty

6.2.5 Competitors

7 Methodology

7.1 Methodology: Customer Insight

7.1.1 Selection of parliamentary constituencies

7.1.2 Metropolitan county

7.1.3 Other 100% urban

7.1.4 Mixed urban/rural

7.1.5 Rural

7.1.6 Selection of enumeration districts

7.1.7 Selection of respondents

7.1.8 Post survey weighting

8 Appendix

8.1 About Verdict Retail

8.2 Disclaimer

Figure 1: Wickes fascia, 2014

Figure 2: Wickes' UK sales (GBPm) and growth (%), to December 2009-14e

Figure 3: Wickes' UK operating profit (GBPm), to December 2009-12

Figure 4: Wickes' DIY & gardening sales (GBPm), in calendar years 2009-14e

Figure 5: Wickes' share of total market held by DIY & gardening retailers (%), 2009 to 2014e

Figure 6: Wickes' furniture sales (GBPm), 2009-14e

Figure 7: Wickes' floorcoverings sales (GBPm), 2009-14e

Figure 8: Wickes' furniture & floorcoverings market shares (%), 2009-14e

Figure 9: Wickes DIY visitor share (%), 2010-14

Figure 10: Wickes DIY visitor share by demographic group (%), 2014

Figure 11: Wickes DIY main user share (%), 2010-14

Figure 12: Wickes DIY main user share by demographic group (%), 2014

Figure 13: Wickes DIY conversion rates (%), 2010-14

Figure 14: Wickes DIY conversion rates by demographic group (%), 2014

Figure 15: Wickes DIY loyalty (%), 2010-14

Figure 16: Wickes DIY loyalty by demographic group (%), 2014

Figure 17: Wickes DIY disloyal main users' preference stores (%), 2014

Figure 18: Wickes DIY main users' shopping around rates, 2014

Table 1: Wickeys company information 2014

Table 2: Wickes retail proposition, 2014

Table 3: Wickes' UK key operating statistics, 2009-14e

Table 4:Wickes' trading record, 2003-14e

Table 5: Wickes' UK store portfolio, 2003-14e

Table 6: Wickes DIY visitor share by TV region (%), 2014

Table 7: Wickes DIY main user share by TV region (%), 2014

Table 8: Wickes DIY conversion rates by TV region (%), 2014

Table 9: Wickes DIY loyalty by TV region (%), 2014

Table 10: Wickes DIY drivers of loyalty (%), 2014

Table 11: Wickes DIY drivers of disloyalty (%), 2014

Table 12: Wickes DIY potential main user gains and losses, 2014

Table 13: Wickes DIY main users' other DIY stores used (%), 2010-14

Table 14: Wickes DIY main users' retailers most used in other sectors (%), 2014

Table 15: Sample sizes by sector, 2014

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