An Australian furniture and electricals retailer is advancing its expansion into the U.K. mainland with plans for a second store. Set to open its first U.K. location in the former Debenhams at Merry Hill in October 2024, Harvey Norman is negotiating for a second site in the West Midlands, targeting a 2025/26 opening. This expansion comes as the retailer contends with varied performance across its regions.
Photo: Harvey Norman.
In Northern Ireland, where Harvey Norman operates two stores, sales declined by 9.2% to £9.7 million, with widening losses attributed to ongoing geopolitical tensions and cost of living issues. Conversely, the retailer's performance in Ireland showed improvement, with a 0.5% rise in sales to €409 million despite initial revenue declines.
Globally, Harvey Norman's profits fell 35% to A$357.6 million, influenced by rising costs, even as revenue increased by 1% to A$2.8 billion.
Source: www.thefurnishingreport.com