Wickes looks to fill the gaps with 20 new stores
Wickes says it is confident it will open 20 new sites in five years, at its property team explores “white space catchments”.
The DIY and gardening retailer, which operates 230 stores in the UK, opened its first store for some time in October in Bolton, and says it is planning further openings in 2023.
The retailer has continued to invest in its store estate, having completed 12 store refits in 2022, including the downsizing of its Maidstone store.
Wickes said that despite an increase in building costs, store investments continue to deliver a strong return in sales, with DIFM (do-it-for-me) sales increasing by 50% and core sales jumping by 10%. The retailer said it would continue its refit programme in 2023.
This comes as Wickes releases its full year results for 2022, which saw the retailer pull in a record £1.5bn of revenue.
Wickes recorded a slight fall in adjusted profit to £75.4m, down from a record £85m in 2021, as demand in the home improvement sector has begun to fall following a Pandemic boom.