New home improvement managing director Matt Tyson has announced a two-year turnaround strategy that includes increasing the Masters product range, improving layouts to make stores easier to navigate, and increasing floor space for categories such as bathrooms, gardening and hardware. It has increased its product range by about 7 per cent, adding 2500 stock-keeping units, mainly in categories such as hardware, timber, power tools and gardening supplies.
As householders’ thoughts turn to gardening, painting and outdoor projects with the arrival of spring, Woolworths is ramping up marketing for its Masters home improvement chain in an attempt to increase brand awareness and lure shoppers.
But, after biting the bullet last month and admitting that home improvement would not break even in 2016 as planned, Woolworths is now working against the clock to improve sales at Masters stores to recoup group overheads and reduce losses, which blew out $30 million to $169 million this year.
Masters now plans to significantly increase marketing and promotions, particularly at key times, starting with Father’s Day on September 7 and the arrival of spring, to promote the Masters brand and change shopping behaviour.
Read more here: SMH