Digital Transformation and Store Optimization Strategy in the New Normal

Digital Transformation and Store Optimization Strategy in the New Normal

Excellent Stores announces that it makes another bold step in its strategic plan towards aggressive integration of technology, by accelerating its digital transformation and store optimization initiatives, both instore and online. Over the past 5 years, and particularly during the pandemic, the compay has experienced an exponential increase in customer demand for enhanced digital experiences. In August 2020, amidst the pandemic, the company announced that it had taken the first step in implementing this strategy converting the Arima branch location to the Company’s first Click & Collect Express Centre, where customers could easily collect their online orders and shop for essentials. The subsequent closure of the Downtown location was then implemented effective January 1st, 2021.

Following a comprehensive evaluation of its retail footprint and a careful analysis of store performance, shifting customer demand and future strategic fit, the company will close its Trincity location on March 31st, 2021 and its Arima location on April 30th, 2021. The company remains focused on its strategic plan for pivoting in the new normal and driving sustainable and profitable growth by focusing and redeploying its resources to its e-commerce platform that has been growing at an exponential rate. These changes allow the company to more efficiently utilize its limited foreign exchange supply to procure the right products at the right time and provide the opportunity to more efficiently enhance its service delivery, logistics, instore innovations, and E-Commerce integration at its remaining physical locations. Excellent Stores will remain one of T&T’s largest home retailers by consolidating its operations into its 3 remaining locations at MovieTowne, POS, Price Plaza and C3 Centre, San Fernando, and its E-commerce store at www.myexcellentstores.com where customers can now browse over 27,000 items and utilize a variety of payment options including WiPay, Linx Payment on Delivery and Credit Card.

“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from these economic challenges and the COVID-19 pandemic as a stronger retailer to allow us to continue serving our loyal customers for decades to come.” said Lisa Siu Chong, Chief Operating Officer, Retail Operations. “However, sometimes it is necessary to close ‘Good’ stores to create ‘Great’ stores. And I am incredibly grateful to our staff for their ongoing dedication and their resilience in adapting during this difficult and uncertain time. The company will redeploy impacted employees to other growing areas of the company”...

Excellent Stores will also be expanding its Business to Business (B2B) services locally and across the region. Recognizing that the economy will continue to be in a sustained recession, and foreign exchanges reserves will continue to deplete, the Company launched Marketplace in August 2020. Marketplace provides other local retailers/small businesses, the opportunity to get an online presence on a trusted and reliable site and gives customers exclusive offers and items not found in their physical stores. This venture allows customers to benefit from an even greater contactless experience utilizing the systems already in place, and other retailers can now benefit from a true Omni-channel partnership. Excellent Stores is committed to continuing to use technology to create the best experiences for its customers, employees, and other retailers

Alex Siu Chong, Chief Executive Officer at Excellent Stores, expressed “With more local companies going online, either through a partnership with Excellent Stores, or on their own, the goal is to normalize online shopping in Trinidad & Tobago which should help in slowing the leakage of Foreign Exchange out of the country by providing greater visibility and choice locally. As such, we continue to promote Collaboration over Competition, by taking advantage of economies of scale and other strengths from each company/partner. The aim is to drive the cost of goods down and manage scarce resources rather than each company doing it on its own. Thereby, enhancing greater customer value with more value under one roof and promoting Local businesses at the same time”. The company currently supports over 300 local businesses highlighting their products both instore and online.

Excellent Stores also operates regionally and has been serving the St. Lucia market since 2018. E-commerce in St. Lucia is scheduled to be launched in the first quarter of 2021 and a Regional Marketplace version of the platform will be launched later in the year. In another strategic move in the direction of enhanced business services, the company will commence Bonded Warehouse operations in the first quarter to service the inbound and outbound needs of its business clients.

As it has done for the past 62 years, Excellent Stores remains committed to continually transforming and redefining its business model to serve the ever-changing needs of its customers and business clients while positioning itself to be the market leader in omni channel retailing and distribution in Trinidad & Tobago and across the region for at least another 62 years!