Since the launch of our ‘better, not just bigger strategy’ we have made good progress in some areas, however in others we still have work to do. The business is well-placed to make more meaningful progress in FY24.
Our strategic aims
Progress:
- Rolled out our evolved brand to our stores and website to ensure that the visual representation of The Works accurately reflects our purpose and the modern, fun and engaging business that The Works is today.
- Refreshed our product offering to be better aligned with our purpose, whilst maintaining our commitment to low prices.
- Relaunched our ‘Together’ loyalty scheme.
Priorities:
- Develop and execute a marketing strategy to bring our purpose and evolved brand to life, particularly through our social channels.
- Conduct an extensive refresh of our core art & craft, stationery and kids’ pocket money toys ranges.
Progress:
- Restructured management of the online operation.
- Undertaken a series of website usability studies to inform areas of opportunity to improve the site, as well as introducing new tools to support performance analysis and provide insights into how best to improve the customer experience
Priorities:
- Enhance the customer experience including enabling customers to order from our website whilst in store.
Progress:
- Opened 14 new stores, closed 13 stores, relocated 3 others and refitted 34 existing stores.
- Continued to improve the store experience for customers by enhancing layouts, optimising the space utilisation across categories, and introducing clearer navigation and signage, supported by the evolved brand.
Priorities:
- Increase in-store sales densities.
- Continue improving the existing estate with refits and relocations.
- Embed new labour structure.
Progress:
- Restructured distribution centre management team and strengthened merchandise planning function.
- Implemented new stock allocation system.
- Introduced new automated packing machine and robotics in third-party operated online fulfilment operation.
- Launched the pilot of our new EPOS software in stores.
- Launched a planned review of business operating model.
Priorities:
- Begin implementation of changes to processes and IT systems identified by business operating model review.
