B&Q could well be on its way to a London high street near you, as the FTSE 100 owner of the home improvement re-tools its retail offering to better suit post-pandemic urban living.
Kingfisher has identified sites for the roll-out of its B&Q Local brand of smaller outlets. There are eight of these stores already in London, with the latest two in Camden and Palmer’s Green and more on the way.
They offer a next-day click-and-collect service from the company’s full range as well as a selection of stock in store. Alongside the 300-outlet B&Q chain, the company also owns the Screwfix brand.
Thierry Garnier, chief executive, told The Standard: “Our strong belief is there is a worldwide trend, across industries, across countries, for smaller formats. This is due to the ageing population, this is due to the fact we are living more in cities, there are multiple demographics behind that.”
The high street plans came as the company, currently well-known for its large out-of-town warehouse outlets, reported a 40% fall in annual profit of £611 million as it kept its prices down in a competitive market at a time of inflation. Its sales, at £13 billion, slipped 0.9%. The numbers were in line with City expert’s forecasts.
Sales of big-ticket items such as kitchens held up well as the wider lockdown-era DIY boom faded.
