The group has said that it’s well-placed to respond to changing consumer behaviour, thanks to previous investment in the online space.
Studio Retail (previously known as Findel) has reported a +55% uplift in online sales (YTD) during the first 11 weeks of the financial year, as locked-down consumers flocked to its Studio site to get their hands on toys, games and electricals.
The group has reported a strong increase in new customers using the site for the first time during lockdown, bringing total active user numbers to 2m. Traffic was driven via digital and TV marketing, according to the retailer, noting that these areas comprised the bulk of its reduced marketing spend for 2020.
Studio, one of the largest online value retailers in the UK, has adopted a proactive approach to inventory management, according to its latest financial statement, matching intake decisions to customer demand and materially reducing its in-season stock holdings ahead of the resumption of UK high-street shopping last week.
Phil Maudsley, chief executive of Studio Retail Group, said: “Studio’s multi-year transformation to become a digital value retailer means we have been well-placed to adapt to the current environment. The group’s response to the lockdown has been exceptional, not only with our strong trading performance and relevance to customers’ needs, but also via our internal agility in responding to the operational challenges presented by Covid-19.”
He added: “I have been particularly pleased by the number of new customers we have welcomed to Studio in recent weeks. Customers who have never shopped with us before have been impressed by the choice, value, and service we have to offer. Whilst we will face increased competition from the high street over the coming months, we are confident that the strength of our offering will continue to resonate amongst value-conscious shoppers. The overall market does remain volatile, and we are cautious about the risks to customer incomes for the remainder of the year. However, we have positioned ourselves strongly to manage these risks, and longer-term, we are well-positioned to respond to any permanent shifts in online consumer behaviour.”
