It’s been six weeks since we opened our Sophie Randall Cards and Gifts business in the same centre as our newsagency. The planning for this start-up is bearing good results. Sales are tracking well across all categories.
The average sale value is $12.50. Single item sales occur less than 20% of the time. Labour costs are under control as are other overheads. GP is above our target. We’re finding the business delivering a significantly more efficient business model.
We’ve experiences some shrinkage and have installed a camera system to help address this. We’re doing more lay-by business than expected.
Importantly, we’re not experiencing any cannibalisation of our newsagency which is on the level above.