B&M Bargains recently opened up 48 retail locations, which were previously closed at the beginning of the COVID-19 crisis. Following the reopening, the company also states that it has received an increase in DIY sales and gardening products, where sales were 22.7% higher than the previous year.
Simon Arora, the Chief executive for B&M Bargains, spoke about the recent increase in demand, ""We have encountered exceptionally strong demand over recent weeks. Customers have been coming to our stores much less frequently through the lockdown but their average spend has been much higher than normal."
The retail company also donated £1 million to United Kingdom food banks, and double that number in discounts toward NHS employees.
DIY Retail Re-Openings
B&M Bargains Say an Increase in DIY Demand After Opening 49 Locations
Trend Themes
1. Increase in DIY Demand - The reopening of DIY retail locations has led to a significant increase in demand for DIY products and gardening supplies.
2. Higher Average Spend - Despite less frequent visits, customers are spending more per visit, presenting an opportunity for retailers to increase their average transaction value.
3. Corporate Social Responsibility - B&M Bargains' donation to food banks and discounts for NHS employees highlights the trend of companies prioritizing corporate social responsibility initiatives.
Industry Implications
1. Retail - The DIY retail industry stands to benefit from the increased demand for DIY products and gardening supplies.
2. Home Improvement - The reopening of DIY retail locations presents an opportunity for the home improvement industry to capitalize on increased consumer interest in DIY projects.
3. Grocery - The donation of £1 million by B&M Bargains to food banks highlights the importance of the grocery industry in addressing food insecurity and supporting communities.