A new-look Bedshed store at Joondalup, WA, signals the start of a new era for Bedshed and the 127-year-old Perth company behind it, Joyce Corporation Ltd.
The revamped store is boasting growth in a subdued market and is a sign the company’s new strategy - to focus and underpin future maintainable profits - is working.
The fit-out program at Bedshed is just one of a number of strategies adopted by the board of its parent company, Joyce Corporation Ltd, to ensure profitable returns for its shareholders.
Following the success of the pilot fit-out at Joondalup, we have begun rolling out the Evolution store update program to our 35 Bedshed stores with Morrabin in Victoria just completed says Mr Gavin Culmsee, Chief Operation officer at Bedshed.
“The Evolution store update showcases a new concept in retail offering employing the latest technology allowing customers to browse and shop online while in store,” Mr Culmsee says.
“In addition to the growth at Joondalup last quarter, we’re pleased to see like for like sales continue to grow strongly across the entire Bedshed group,” he adds.
Joyce Corporation also plans to explore opportunities in other related industries such as the kitchen and wardrobe market to fuel future growth.
Recent investment by the company into the KWB Group - owner of Australia’s largest specialist kitchen and wardrobe retail chain - Kitchen Connection, will allow Joyce Corporation to expand and consolidate a fragmented industry.
Demand for new custom designed kitchens means that it is likely more than $2 billion pa will be spent on kitchen renovations in 2013/14 across the Australian market - an increase on 2012/13 predictions.
“We can leverage our retail and franchising expertise to take advantage of this consistent growth in the kitchen renovation market and assist the future growth of Kitchen Connection,” says Anthony Mankarios, Executive Director of Joyce Corporation Ltd.
“We anticipate this investment will add significant value to our shareholders through additional cash generation opportunities for the group and a National presence across three growing home renovation markets – bedroom, kitchen and wardrobe,” Mr Mankarios says.
“We’re confident the foundations put in place by our management team will lead to an ever more positive outlook across the group,” he adds.
Joyce Corporation Ltd is an Australian owned and operated company, publicly listed on the Australian stock exchange, with its Head Office in Perth, Western Australia. Joyce is a well established brand in the Australian marketplace, with 125 years in business. Previously Joyce's business activities included the core function of foam manufacturing and its shareholding in Bedshed. Joyce Corporation Ltd has undergone significant change over recent years including the sale of the Joyce Foam Products business on the 30th November 2005 and the acquisition of 100% of Bedshed Franchising in April 2006, having previously held a 49% shareholding. In addition to the sole ownership of Bedshed Franchising and given its vestige in manufacturing, Joyce owns a substantial commercial property in Moorebank New South Wales. This property is currently leased under arrangements associated with the sale of the Joyce Foam business, it will return to market rents in November 2015.
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Bedshed is one of Australia’s largest specialist bedding and bedroom furniture retailers with stores in Western Australia, South Australia, Victoria and Queensland. Bedshed’s bright purple stores retail an extensive range of bedroom furniture and the latest in bedding from Australia’s leading bedding brands.