B&Q to Share Products Worldwide
In an interview in The Telegraph this weekend, the Chief Executive of Kingfisher Ian Cheshire has been describing how the products which sell well around the world in the company's B&Q stores will also be sold in British stores. Hopefully replicating the success the store is having throughout Europe and beyond.
Cheshire commented that within the next three years 50% of the products sold in B&Q will be shared products across all stores worldwide. At the moment the amount is just 1%. Cheshire points out that the savings the company will make by selling the same product in the same packaging to both British and worldwide customers will be immense.
Cheshire goes on to say that many of the products sold in B&Q are global. He says there is no point in catering to local markets as fashion trends in homewares are universal.
The retailer has also pointed out that foreign markets are often larger than the market here. For example 71% of people in France suggested in a recent poll that they would undertake a DIY project in the next few months. This compares with just 53% in Britain. He suggests that this is due to an increased number of second homes and a shorter work week.
However the one market where Kingfisher have been floundering is in China, where it has been admitted that the market was misunderstood. The UK, too is struggling and Cheshire agrees with other retailers than a drop in VAT for home renovations could be the way forward. He also suggests a National Insurance holiday.
Despite all this, Cheshire admits he does not do DIY and his wife does not trust his judgement when it comes to taste in furnishings.