To coincide with the release of JB Hi-Fi Group’s sales update for the first quarter of FY24, group CEO, Terry Smart outlined five key focus areas for the remainder of the financial year at the retailer’s 2023 Annual General Meeting (AGM).
- Retail execution
In a tougher retail trading environment, strong retail execution is vital, according to Smart. “We will focus on growing market share by attracting new customers to the brands and stay focused on delivering and providing value to customers by creating best-in-market offers and promotions. At the same time, we will leverage the efficiency of our operating model, with our flexible business model and low-cost culture,” he said.
2. Multichannel
JB Hi-Fi Group will continue to expand its reach and attract more shoppers by providing easy and convenient access both in-store and online.
“We will continue to evolve our categories and store layouts to drive the in-store experience and engagement. We will continue to improve the online customer experience and leverage our web traffic to provide additional sales opportunities. We will also deepen our connection with customers through our JB Hi-Fi Perks and The Good Guys Gold Service Extras membership programs, continuing to find new ways to engage and deal with customers,” Smart said.
3. New Zealand
The JB Hi-Fi business sees a good opportunity to grow and expand in New Zealand.
“Seven existing store relays were completed in FY23. To date in FY24, Queen Street and Hamilton stores have been relocated, we have opened two duty free airport stores in Auckland and Christchurch international airports and expect to open two new standard format stores before Christmas,” Smart said.
“We continue to actively identify potential new store opportunities to expand our reach, targeting three to five new stores per year over the next three years. Our work on re-platforming the JB Hi-Fi New Zealand website is progressing well, and our new website is expected to launch before the Black Friday trading period.”
4. Commercial
JB Hi-Fi Group continues to develop its commercial businesses for future growth, targeting small to medium sized business sectors.
“We have a national proposition in a fragmented market and have refined our branding and go-to-market strategies. Our value proposition leverages the group’s retail proposition of best brands, big range and low prices, as well as the store network and supply chain and marketing capabilities, and is augmented by access to extended business ranges, value-added services and expert teams to support businesses and education providers,” Smart said.
5. Supply chain
JB Hi-Fi Group will continue to invest in a fit-for-purpose supply chain network that supports in-store and online fulfilment.
“Examples of recent initiatives include the improved delivery options launched for The Good Guys customers, focusing on increased certainty, transparency and choice, and the JB Hi-Fi Australia ‘on-demand’ delivery service in partnership with Uber, which has achieved an average delivery time of under 60 minutes,” Smart said.