Kitchen specialist Magnet is planning an eight-figure investment into new stores and remodelling some of its 196 existing outlets.
The investment programme was kickstarted with the relaunch of the brand's Stockton store in a new format featuring a fully working kitchen to allow Magnet’s in-store team to demonstrate appliances such as instant boiling water taps and steam ovens. Two other stores in South Wimbledon and Sale will open under the format.
Nobia Holdings UK, the parent company of Magnet, said the investment follows what it called its best winter trading period to date, as Covid restrictions were lifted allowing customers back to showrooms. The Darlington firm saw turnover of £417.4m in 2021, up from £394.1m, and narrowed losses to £9.9m from more than £30m.
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Dan Carr, chief executive at Nobia Holdings UK said: “We’ve been around since 1918 and we’re still going strong, making us the UK’s longest-standing kitchen specialist with 196 stores in the UK and over a century of happy customers under our belt. Our new store format is part of our wider commercial strategy which will focus on design and sustainability and has a clear focus on inspiring better living through purposeful design.
“We’re proud to launch our first store with this approach and look forward rolling this out to our existing and new stores in the future.”
Magnet, which employs about 2,000 people across the UK, also saw trade sales strength in 2021 thanks to adaptation of stores to better meet the needs of builders and improvements to loyalty programmes. The new store format includes 'design studio' areas for customers as well as 'styles and materials' areas where buyers are encouraged to experiment with mood boards and light boxes that help show what kitchens look like at different times of the day.
And 'the hideout' space featured in the refurbished stores is designed to keep children entertained with fluffy bean bags, TV and miniature Magnet kitchens. Magnet also said all timber used in its cabinets comes from sustainable sources, and all showrooms use renewable energy.
Nobia Holdings UK - a subsidiary of Swedish firm Nobia AB, took control of Magnet in 2001 in a deal worth £123m. The company runs a number of factories, distribution centres and stores throughout the UK, with its headquarters on the Yarm Road Business Park in Darlington.
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