In January 2025 we announced our new strategy, ‘Elevating The Works’, which is focused on The Works becoming the favourite destination for affordable, screen-free activities for the whole family.
Our three strategic drives help us focus on the right actions to achieve our purpose: growing our brand fame, improving customer convenience and being a lean and efficient operator, underpinned by our people and planet commitments.
Our strategic aims
A clear customer offering, with a refreshed strategy, building momentum and significant untapped growth potential in the value retail sector.
1. Highly relevant purpose and meaningful ambition
2. Clear position in value retail sector, with all-year-round appeal
3. Much-loved by customers, with significant opportunity to grow brand awareness
4. Accessible and convenient multi-channel proposition
5. Significant market share growth potential across all key categories
6. New five-year strategy to transform the business is delivering results
7. Strong financial position
Our five-year financial goals
Sales in excess of £375m
(+35% from FY25)
EBITDA margins of at least 6%
(+76% from FY25)
FY25 strategic progress
- Brand project complete – we gained clarity on our identity, what we want to be famous for and the role we can play for customers with our #TimeWellSpent strapline.
- Adopted a new approach to campaign planning.
- Ongoing evolution of product proposition.
- Destination for fiction books and school holiday activities.
- Strong growth outside of peak trading.
- Further aligned the website to our brand.
FY26 strategic priorities
- Embed #TimeWellSpent through marketing strategy.
- Establish baseline brand metrics and refresh consumer insight.
- Drive an increased all-year-round appeal through proposition refinement and new campaigns.
- Further evolve product proposition, including extended ranges in large stores and ‘when it’s gone it’s gone’ proposition.
- Improve customer experience in stores (for example colleague training and exclusive in-store events).
FY25 strategic progress
- Improved consistency of store standards and retail leadership.
- Established space analysis to inform future space planning.
- Improved the quality of our store estate with 7 openings, 15 closures and 4 relocations.
- Continued to improve online customer journeys.
FY26 strategic priorities
- Identify and embed a new critical path framework and new ways of working across buying and merchandising.
- Land in-store guidelines: ‘What Good Looks Like’.
- Undertake store space trials based on detailed sales densities analysis.
- Open a net 5 new stores.
- Improve online customer journey through conversion rate optimisation.
FY25 strategic progress
- Significant reduction in cost of goods sold (COGS) driving product margin improvement.
- Restructured Distribution Centre management and successfully implemented new ways of working.
- Electronic point of sale (EPoS) rollout completed to stores.
- Central operating cost reduction project completed.
- Significant rent reductions delivered on lease renewals.
- New partner selected for online fulfilment.
FY26 strategic priorities
- Further margin rate improvement through COGS reduction.
- Transition to new online fulfilment partner.
- Increase capacity in our store Distribution Centre with a new mezzanine floor.
- Support Centre structure changes.
- Deliver operational cost savings identified as part of the FY25 cost reduction project.
- Define our technology services systems transformation roadmap and begin delivering new software/capabilities.
- Business process and reporting review.
- Grow average selling price (ASP) (through mix and pricing).
FY26 strategic priorities
- Embed purpose, mission and ‘It All Starts With You’ campaign throughout colleague
and candidate experience. - Upskill key talent by investing in leadership development, High Potential Programmes and apprenticeships.
- Streamline and grow our charity partnerships.
- Continue our diversity and inclusion and wellbeing focus with more awareness, training and data insight.
- Continue our mission to meet our net zero targets.
- Launch a ‘Perfect Packaging project’.
- Continue to ensure the factories we work with are ethically and legally compliant.
- Management of and engagement with our supplier base focusing on strategic partners.
