RETAIL: The Crazy Store Celebrates 20 Years Of Booming Growth
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DISCOUNT variety chain retailer, The Crazy Store, is producing rapid progression that is in stark contrast to the subdued retail environment in the country, where cash-strapped consumers face constraints on disposable income.
With socio-economic challenges such as high consumer debt/income ratio and rising utility costs continuing to negatively affect consumer’s disposable incomes, the retailer saw an opportunity to align this with its business model.
The Crazy Store’s Managing Director, Kevin Lennett suggests that their growing consumer demand is due to the shift in the attitudes of particularly higher LSM consumers, who are now smart about their purchases. “We believe the secret to our success has been our ability to find the perfect balance between price and quality”, he says.
The perception and positioning of the brand has changed from when it began trading as the R10 store in 1995. This year alone, they have not only exceeded 300 stores, but have also expanded their African footprint to include Botswana.
The organisation now has a strong foothold in major urban centres, rural and peri-urban areas, including over ten stores in Namibia (the group made its first foray beyond South Africa in 2006, opening a Crazy Store in Windhoek.).
“Our stores offer a place where you discover new treasures at ridiculously low prices every day, and very importantly our stores are laid out to cater for convenience, and ease of shopping.”, says Lennett. The retailer has positioned themselves as a one-stop-shop with a crazy product range that surprises and delights the whole family.
The Crazy Store brings out the fun in shopping whether for occasional or everyday needs keeping in mind the size of the consumer’s pockets. Customer, Anathi Mjongile says, “When I think of The Crazy Store’s product range, I think of it as the line between quantity and quality. You really do get the best for less. Your product is not comprised by the price.”
With an intense focus on product value – focusing on newness, surprise and continuity – they are growing as a destination store. The future outlook is further store openings in South Africa as well as penetrating the market in African countries, growing in their consistency and ability to provide products fit for the consumer continuing their 20-year growing streak.
Business News Sector Tags: Retail|