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Marks Electrical grew sales 25% in the first half of 2023 S
ales at Marks Electrical grew by 25% in the six months to September 30, 2023,
as the firm made continued profitable market share gains across the UK, even against a challenging consumer backdrop. The retailer said that sales were strong across
all product lines, with particular stand-out performances in televisions (+71%), washer- dryers (+74%) and American-style fridge-freezers (+36%). Mark Smithson chief executive of Marks
Electrical, said: “We’ve made a strong start to the year with the Group’s sales up 24.8%, whilst also delivering multiple operational improvements to further enhance the customer experience. “This relentless focus on operational
excellence and customer service has enabled us to continue to gain share in a very competitive market, growing our share in the first half from 2.4% to 2.9% of the overall MDA market and from 4.5% to 5.4% in the online segment.”
“I’ve been impressed by the footfall that walks past the window – it’s amazing”
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F Thomas Electricals has opened a third store, in Monmouth, to
complement its existing stores in Abergavenny and Newport. Owner and managing director, Andrew
Thomas, said that key to the Monmouth store is its location. “Our new store is on Monnow Street, which is the market town’s main shopping area,” Mr Thomas said.
Mr Smithson said that the company’s strategic decision to add in-house installation services to its offering has strengthened the Group’s premium service proposition, alongside the creation of its own ME Academy training facility. “These additions, whilst margin dilutive in the short term, will enable the Group to deliver long-term value creation and position us as the UK’s leading premium electrical retailer,” he said. “Despite the first half margin pressure, which occurred within distribution costs, we continued to remain disciplined on marketing costs, maintained our focus on overhead cost control and are continuing to gain market share profitably, a key differentiator of our growth strategy.” Mr Smithson said the company’s customer
service and next day delivery, combined with in-house installation expertise through its vertically integrated operating model, provided a compelling and unique offering, that sets it apart from the competition.
“We’re right in the middle of it, and every time I’ve been there, I’ve been impressed by the footfall that walks past the window – it’s amazing.” Mr Thomas said he identified an opportunity
in Monmouth some years ago and there hasn’t been an electrical retailer in the town since the ex-manager of Currys opened up his own shop, however, he has retired and there hasn’t been anybody since.
“I see it as a big opportunity – Monmouth is
certainly one of the wealthiest towns in South Wales,” he added. “We find that the demographic of our customers in Abergavenny is different to that of Newport – it seems to be that if you trade in a market town, the people who live there will support their high street more than in a big city. I’m extremely confident.”
AMDEA calls for Government to incentivise the purchase of energy efficient appliances for low-income households
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MDEA calls for Government to incentivise the purchase of energy
efficient appliances for low-income households The Association of Manufacturers of Domestic Appliances (AMDEA) said it was delighted to see the Government’s emphasis in the King’s Speech on reaching net zero without unduly burdening families and businesses. However, AMDEA said the Government needs
to broaden its sights when encouraging home energy efficiency, beyond its current target of heat pumps. Paul Hide, AMDEA chief executive, urged
Winter 2023/24
the Government to provide incentives for purchasing energy and water efficient domestic appliances as a practical and attractive route to lowering emissions. Mr Hide said: “The Green Homes Grant
Scheme has failed to support UK householders in improving their home energy efficiency. So, to reduce the 20% of our carbon emissions created by our homes, the Government needs to offer more attractive and affordable incentives. “With 98% of households having at least one large domestic appliance, incentives to purchase the most energy and water efficient domestic appliances would go a long way to
enable those on lower incomes to enjoy both energy and cost savings.” Mr Hide
added: “We need a home energy efficiency grant scheme that delivers against the objectives of reducing the environmental footprint of the UK’s housing stock more widely. “This could be achieved by offering more inclusive and accessible incentives, including inducements towards buying modern energy efficient domestic appliances.”
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