WH Smith to launch card shop
The high street stationer, who somewhat astonishingly managed to post a 9% rise in their annual profits despite seeming like a half empty shell of itself flogging dead media and £1 Whole Nuts, is looking into starting a number of greetings cards affairs called Cardmarket.
WH Smith have 725 travel stores and a further 604 on the high street, seem to think that starting up a card shop is the way ahead. They must be making a pretty penny with their funkypigeon.com business wing, eh?
The company, as a whole, chorused: “In contrast to our existing greeting cards offer, which is at the premium end of the market, these stores will provide customers with a value-based proposition in this growing part of the market. The trial will be in relatively low rent, short term leases in non-prime pitch locations.”
The end of that quote is a completely unsexy amalgamation of words isn't it?
Like-for-like sales in both parts of the group have been consistently negative since 2005 but the retailer’s policy of focusing instead on margins is admired by City analysts.
So yes, those sleeping giants that you think are just cathedrals of magazines for tramps to flick through, are actually going okay thanks.