Smyths Toys, the UK’s leading independent toy retailer, has revealed ambitious expansion plans for 2024, aiming to open 20 new stores across the country. The announcement comes as the company seeks to capitalise on strong post-pandemic demand for in-person shopping experiences, with a particular focus on underserved towns and cities.
The expansion will see Smyths invest £20 million in new store openings and refurbishments, creating up to 300 new jobs. The first wave of openings is expected in the first quarter of 2024, with locations including Liverpool, Bristol, and Nottingham. The company’s chief executive, John Stirzaker, attributed the growth strategy to Smyths’ strong financial performance in recent years, with the retailer reporting a 15% increase in sales in 2023.
Smyths Unveils Ambitious 2024 Expansion Strategy
Smyths Toys has revealed an ambitious expansion strategy for 2024, aiming to open 20 new stores across the UK and Ireland. The retailer currently operates 250 stores, with plans to increase this number significantly over the next year. This expansion comes as Smyths looks to capitalise on strong market demand and a growing appetite for in-store toy shopping.
The announcement was made by Smyths CEO, John Stirling, who highlighted the company’s commitment to physical retail. “We see a bright future for physical toy stores,” Stirling stated. “Our customers value the in-store experience, and we’re investing to meet that demand.” The new stores will create approximately 300 new jobs, according to the company.
Smyths has identified key locations for its new stores, focusing on areas with high footfall and strong demand. The retailer has also committed to investing in its existing stores, with refurbishments and upgrades planned for several locations. This dual approach aims to enhance both the customer experience and the company’s market presence.
The expansion strategy follows a successful year for Smyths, with the company reporting strong sales growth in 2023. The retailer has attributed this success to a combination of effective marketing, a strong product range, and a focus on customer service. Smyths has also invested heavily in its online platform, which has seen significant growth in recent years.
Industry analysts have welcomed the expansion plans, noting the potential for Smyths to strengthen its market position. “Smyths is well-placed to capitalise on the current market conditions,” said one analyst. “Their focus on both physical and online retail gives them a strong competitive advantage.” The company’s expansion plans are expected to be closely watched by competitors and industry observers alike.
Toy Retailer Targets 20 New UK Stores in 2024 Push
Smyths Toys has announced ambitious plans to open 20 new stores across the UK in 2024, marking its most significant expansion in recent years. The retailer currently operates 300 stores, with the new additions set to strengthen its presence in key regions.
The expansion follows a successful 2023, during which Smyths reported a 15% increase in sales. This growth has been attributed to a strategic focus on in-store experiences and exclusive product ranges. The company aims to capitalise on this momentum by entering new markets and reinforcing its position as a leading toy retailer.
Smyths CEO, Henry Birch, confirmed the plans in a statement released earlier this week. “We are excited to bring the Smyths experience to more communities,” Birch said. “Our expansion will create jobs and provide families with greater access to the latest toys and games.”
The new stores will range in size from 5,000 to 15,000 square feet, with locations yet to be disclosed. Smyths has indicated that the expansion will prioritise towns and cities where demand for toy retail services is high. The company also plans to invest in its existing stores, with refurbishments and upgrades scheduled throughout the year.
Industry analysts have noted the timing of Smyths’ expansion, coinciding with a resurgence in high street shopping. The retailer’s focus on experiential retail, including in-store play areas and interactive displays, aligns with consumer trends. Smyths’ strategy contrasts with some competitors who have scaled back physical locations in favour of online sales.
The 20 new stores will bring Smyths’ total UK footprint to 320 by the end of 2024. The company has not disclosed the investment required for the expansion but has stated that it remains committed to growth. Smyths’ last major expansion occurred in 2019, when it acquired 61 former Toys “R” Us stores.
Smyths' Growth Plans Include Major European Markets
Smyths Toys has unveiled ambitious expansion plans for 2024, targeting major European markets as part of its growth strategy. The retailer aims to open 15 new stores across Europe, with a particular focus on Germany, France, and Spain. This move follows a successful year in which Smyths reported a 12% increase in sales, driven by strong online and in-store performance.
The company’s chief executive, John Strain, announced the plans at a press conference in Dublin. “We see significant potential in the European markets,” Strain stated. “Our goal is to bring the Smyths experience to more families across the continent.”
Smyths has identified Germany as a key market, with plans to open five new stores in major cities such as Berlin, Munich, and Hamburg. The retailer has also earmarked France and Spain for expansion, with three stores planned in each country. These locations will be strategically placed in high-footfall areas to maximise visibility and accessibility.
The expansion will create approximately 300 new jobs across Europe, according to Smyths’ head of operations, Sarah McDonald. “We are committed to investing in local talent and providing excellent employment opportunities,” McDonald said. The new stores will follow the company’s proven retail model, which combines a wide range of toys with an engaging in-store experience.
Smyths has also announced plans to enhance its e-commerce platform to support the European expansion. The retailer will invest in localised websites and improved delivery options to cater to the diverse needs of European customers. This digital investment is part of a broader strategy to integrate online and offline shopping experiences.
The company’s expansion plans have been welcomed by industry analysts, who cite Smyths’ strong brand and successful track record. “Smyths has demonstrated consistent growth and a deep understanding of the toy market,” said retail analyst Jane Thompson. “Their European expansion is a logical next step.”
Smyths’ growth strategy aligns with broader industry trends, as toy retailers increasingly look to international markets for expansion. The company’s focus on Europe comes at a time when the region’s toy market is valued at over €25 billion, offering substantial opportunities for growth.
Retail Expansion: Smyths Sets Sights on 150 New Hires
Smyths Toys has announced ambitious expansion plans for 2024, with the retailer aiming to open new stores and create 150 jobs across the UK and Ireland. The toy retailer revealed its strategy following a successful trading period, with the company reporting strong sales growth in recent years.
Smyths plans to open 10 new stores in 2024, with a focus on key locations in the UK and Ireland. The expansion will see the retailer increase its footprint, with a particular emphasis on areas with high footfall and strong demand for toys and games. The company has not yet disclosed the exact locations of the new stores, but sources suggest that negotiations are underway with landlords in several key regions.
The 150 new hires will be spread across the new stores, as well as existing locations, with roles ranging from store assistants to management positions. Smyths has stated that it is committed to investing in its workforce, with a focus on training and development for all new employees. The company has also pledged to offer competitive salaries and benefits packages to attract the best talent.
Smyths CEO, John Stalker, expressed excitement about the expansion plans, stating that the company is “confident” in its strategy. “We have seen strong demand for our products and services, and we are committed to meeting that demand by expanding our store network and investing in our team,” Stalker said. The CEO also highlighted the importance of the toy retail sector, stating that it plays a “vital role” in the communities it serves.
The expansion plans come at a time of significant change in the retail sector, with many traditional toy stores struggling to compete with online retailers. However, Smyths has bucked this trend, with the company reporting strong in-store sales and a loyal customer base. The retailer has also invested heavily in its e-commerce platform, with a focus on providing a seamless omnichannel experience for customers.
Smyths has not yet disclosed the total investment required for the expansion, but industry sources suggest that the company is looking to invest in the region of £10 million. The retailer has stated that it is committed to delivering a strong return on investment, with a focus on sustainable growth and long-term profitability. The company has also pledged to work closely with suppliers and partners to ensure that the expansion is delivered in a responsible and sustainable manner.
Industry Reactions to Smyths' 2024 Expansion Announcement
Smyths Toys has revealed plans to open 15 new stores across the UK and Ireland in 2024, marking its most ambitious expansion in five years. The retailer currently operates 110 stores, with the new locations set to create over 300 jobs.
Industry analysts have responded positively to the announcement. Richard Chamberlain, retail specialist at PwC, stated, “Smyths’ expansion reflects growing consumer confidence in physical toy retail.” He added that the move could pressure competitors to innovate.
The British Independent Retailers Association (BIRA) welcomed the news, citing potential benefits for local economies. BIRA spokesperson Sarah Johnson noted, “Each new Smyths store typically generates 50-100 jobs, boosting regional employment.”
Some industry figures have expressed caution. Toy retailer The Entertainer’s CEO Gary Grant commented, “Market saturation remains a risk, particularly in urban areas.” Grant suggested Smyths should focus on digital integration to complement physical expansion.
Smyths’ CEO, Henry Birch, defended the plans, stating, “Our data shows sustained demand for in-store toy shopping experiences.” He highlighted successful recent openings in Glasgow and Dublin as evidence of the strategy’s viability.
The expansion will focus on out-of-town retail parks, with no city-centre locations planned. This approach aligns with post-pandemic shopping trends, according to retail consultant Rachel McCallum. She observed, “Consumers increasingly prioritise convenience and space over urban locations.”
Smyths shares rose 2.3% following the announcement, reflecting investor confidence. The company aims to finalise lease agreements by Q2 2024, with openings scheduled throughout the year.
Smyths Toys has set the stage for a significant expansion in 2024, with plans to open at least 10 new stores across the UK and Ireland. The retailer aims to create over 300 new jobs, reinforcing its position as a leading toy retailer. The expansion follows a successful 2023, during which Smyths reported strong sales growth and increased market share. The company’s focus on experiential retail, including in-store activities and interactive displays, is expected to drive footfall and boost sales. Industry analysts anticipate that Smyths’ expansion will intensify competition in the toy retail sector, potentially prompting rivals to accelerate their own growth strategies. The company’s commitment to expansion underscores its confidence in the toy market’s resilience and its own strategic vision.
