Courts Asia Singapore planning $10 million revamp
Electrical, IT and furniture retailer Courts Asia Singapore is planning a $10 million revamp of seven of its 15 outlets, starting with an overhaul of its Tampines flagship megastore.
New CEO Ben Tan says enhanced in-store experiences, online offerings and an increased focus on services are also in the pipeline.
While the market is soft, he says it has not crumbled and is definitely not bullish. “As a retailer, we have to make sure we focus on our customers.”
He anticipates the megastore to be ready after its major renovation by the fourth quarter of this year, with work on other outlets to be finished by March.
“We’re starting from a good base,” says Tan, noting the group had a net profit of S$23.7 million (US$17.3 million) for its latest fiscal year, up from $6.8 million a year earlier.
Revenue from the Singapore market makes up about two-thirds of Courts Asia’s top line.
Courts also plans to update its Singapore website by the end of the year, saying the platform struggled to keep up with customer traffic during online promotional events such as Cyber Monday.
Tan says he has set a goal for online revenue to reach 15 per cent over the next decade, up from the present 2 to 3 per cent.
His “spring cleaning” also targets services, with new credit packages as part of his revamp plans. In the 12 months to March, earned service charges made up 11.3 per cent of turnover, while 5.7 per cent of revenue came from providing services such as cleaning, installation, repairs and warranties.
Tan, who took over Courts Singapore in April, was previously head of online wholesaler Andios, a Challenger subsidiary, and COO of Challenger Technologies (Singapore).