Set against an extremely challenging retail backdrop, independent retailer Oldrids & Downtown have reported an exceptionally strong start to their winter sale with bumper sales achieved on Boxing Day.
The Lincolnshire-based retailer once again reported that there were queues outside their stores in Grantham and Boston, resulting in +10% growth in sales versus 2017, which was in turn +24% ahead of Boxing Day Sales in 2016.
Managing Director Richard Broadhead said: “Retail is currently extremely volatile, highly unpredictable and trading has proven to be hugely challenging for the vast majority of retail companies. We have not been an exception in this regard.
“We did however, plan for a challenging peak trading period and have adapted our strategy accordingly, to ensure that any impact was minimised.
“Our Buying team have worked hard to ensure that there are really strong offers in place across all of our stores for the winter sale. In fact, we are once again market-leading on some key branded lines. It’s great to have had such a strong start to the sale and I’d like to thank our customers for their continued loyalty and for shopping with us.”
Oldrids & Downtown have also reported triple-digit growth from their rapidly growing Oldrids Online business for the first six weeks of the final quarter.
This performance has underpinned the Company’s five bricks and mortar stores based in Grantham, Boston and Scunthorpe where sales were marginally lower than last year, although in line with expectations and market trends.
“Our online growth has been great for us, with over 60% of total sales being realised from customers living more than 40 miles away from any of our stores. This is all incremental business, coming from new customers to our brand,” said Richard.
He went on to say that Oldrids & Downtown had also recently and very successfully launched their brand new loyalty programme, ‘Rewards’, which first hit the stores in late September.
“One of our key strategic actions for this year was to engage more with our loyal customers who continue to enjoy their regular visits to our shops, ensuring that their loyalty is rewarded. Since the launch in September, we have seen a remarkable response to ‘Rewards’ with customers excited to express their loyalty to the Oldrids & Downtown brand. The initial take up and interest has been overwhelming and has far exceeded our expectations.”