The mid-market has been a tough space to trade in over the past 18 months, but Beaverbrooks has managed to maintain turnover at £119 million in 2015 and 2016 through a rigorous focus on performance in each of its 69 stores.
That network is set to grow by two doors this year as the group opens in Guildford and Bracknell.
Locating new sites is a major problem for Beaverbrooks as footfall declines on town and city high streets and smaller shopping centres.
“The number of pure high street stores is probably down to about 10-12. It is a small number now,” says Mark Adlestone, chairman of Beaverbrooks.
“Our strategy going forward is to continue to open stores where opportunities arise. We have two opening this year in Bracknell and Guildford. Historically, a lot of our growth, up until 2008, came from the explosion of shopping centre developments. After 2008 that slowed down significantly and it has reduced the number of opportunities for us to open new stores,” Mr Adlestone adds.
Learn more about the strategy of Beaverbrooks in the July edition of WatchPro where The Big Interview is with chairman Mark Adlestone and chief executive Anna Blackburn.