store in the country, Courts Megastore Mutiara Damansara, will contribute between at least 15% and 20% to its total annual turnover.
The megastore marks the second phase of Courts' rebranding exercise
Located in the freehold Mutiara Damansara area, a stone’s throw away from home furnishing store Ikea, Courts Megastore takes up three levels of a six-storey, purposebuilt building on a 50,000 sq ft site.
Of the 100,000 sq ft total net lettable space, Courts Megastore leased 60,000 sq ft of space from land and building owner Bentley Music Sdn Bhd.
The group completed the fitting-out of the megastore in two months and has leased the
space for 10 years. The monthly rental for the first two years has been fixed at RM420,000 a
month.
Touted as the largest consumer electronics and furniture retailer in Malaysia with over 50 stores nationwide, the group has invested up to RM10 million on a rebranding exercise since 18 months ago.
At a media and business partners’ preview of Courts Megastore yesterday, chief executive and managing director James Friel said that the megastore marks the start of the second phase of its rebranding initiative, which would take two years to complete.
“We will be reformatting at least another 11 stores for the year ahead. The location is ideal for our megastore, which is also the second worldwide, as we are targeting the urban consumers’ evolving tastes and needs,” he said. Courts first megastore is in Singapore, also located nearby Ikea.
Courts executive vicechairman Terry O’Connor explained that both retailers, in fact, complement each other and the business synergies are greater than competition.
“When you take out the furniture, electrical and bedding, our business overlap is marginal... about 5%,” O’Connor said.
By theSun (by Loo Pik Kwan)
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