5 minute read
RETAIL GETS A REV-UP
In these challenging economic times, Two Dollar Things Plus stands out as a successful retail franchise opportunity.
New Zealand has an extremely competitive retail landscape and it’s one in which the Two Dollar Things Plus brand has performed exceptionally well since its establishment in 2011. Today, it operates across 26 retail stores and counting...
Two Dollar Things Plus is a finely tuned retail franchise that is performing strongly and Managing Director Hyun Lee believes the time is right to confidently open up more franchises. He’s particularly keen to do this in smaller places, where a potential franchisee may already have strong connections with the local community.
This franchise thinks outside the box. In recent times, that thinking introduced a ‘super value’ range of products in store priced at $5 and $10, covering everyday branded necessities such as cleaning products and hair shampoo. This strategic shift allowed Two Dollar Things Plus to thrive by successfully offering a broader range of products while remaining faithful to the essence of its original concept.
More recently, as well as expanding the Two Dollar Things Plus network, the franchisor has focused on two exciting new initiatives – a 2000 square-metre Christmas Collective pop-up shop at Christchurch’s South City Shopping Centre, and MiSC, a homeware store in Tauranga. Expect more of the same in the year ahead.
The MiSC concept features not only an impressive layout, but also an ‘amazing vibe’ within the store. “As a company, we wanted to measure ourselves against all the other standout retail scenarios,” explains Hyun. “The success of the Tauranga MiSC store will also deliver the confidence to open further franchised stores of that type,” he says, highlighting the ample opportunity that exists for multi-store growth for ambitious franchisees.
Good timing
There’s no doubt that New Zealand’s economy has been doing it tough over the past 12 months. But Hyun says that has only highlighted the strength of the Two Dollar Things Plus concept, which he describes as ‘recession friendly’. “The public has been forced to search for bargains and our stores provide excellent value for money.
“There will never be a better time than now for starting a franchise,” he adds, “thanks to favourable rates on leasing premises, the strength of the Two Dollar Things Plus concept, and foot traffic figures.”
Another strength of the Two Dollar Things Plus brand is its ability to test new ideas as well as source and validate new products – products that strike the perfect balance between quality and affordability across a wide range of categories.
The franchise uses its Up2Ten concept store in Auckland’s Westgate Shopping Centre as a test site for a lot of its ideas and products, which takes the risk factor away from introducing any of those same products into its other 25 stores.
You’re never alone
To ensure ongoing success in this franchise business, support is always just a phone call away. “We visit each store every quarter,” says Hyun, “to give feedback on their sales and inventory.”
At Two Dollar Things Plus stores, all the group’s sales and purchase data is analysed each month to identify the top 200 selling items. “You don’t want to run out of any fast-selling items, and we do our best to ensure that it doesn’t happen,” says Hyun.
No retail experience? No problem
If you’re interested in investing in a Two Dollar Things Plus store, but you have absolutely no retail background experience, don’t let that stop you, says Hyun. “It’s actually easier all round to support people who are novices within the retail industry,” he says. “They can often be more open to something new or challenging, and can be more adaptable.”
Having a new franchisee who lives near a store can be a major advantage, too, Hyun adds. He says they can assist franchisees to build relationships within a community, such as through helping local schools with fundraising efforts.
“Community connection is a big part of this business’s appeal,” says Hyun, “and a great way to foster long-term, mutually beneficial relationships.”
A size to fit all
“Bring the right attitude, and there’ll be an opportunity to match your investment budget,” Hyun says. Store sizes vary considerably across the country. For example, the Two Dollar Things Plus store at Christchurch’s Palms Shopping Centre measures around 200 square metres, whereas the Blenheim store is more than twice that size at 500 metres squared.
The average investment is around $300,000, which covers full store fitout and gets the business completely up and running.
Hyun says parent company Dollar King Limited is constantly considering different retail concepts in New Zealand, such as the Christmas Collective and MiSC stores.
“As a young company, we have big growth ambitions; always reinvesting in the market and with the goal of becoming a dominant player in New Zealand’s retail industry.
“We’re growing fast, and we’ll continue to do so. If you like our winning formula, our products, the layout and the brand; if you’re surrounded by a good strong community and you think people can benefit from this type of store, then give us a call.”
Advertiser Info
Two Dollar Things Plus
Contact
Hyun Lee
021 543 273
lee@dollarkingnz.com
