Toys”R”Us to open experiential retail centre in Victoria
As part of its expansion plans for 2023/24, a new 3,000 square metre Toys“R”Us and Babies“R”Us retail hub will be opening in Clayton, Victoria if the company’s capital raising goal of $8 million is reached, according to a recent ASX announcement.
About $3 million will be invested in the experiential site, which will be attached to the retailer’s purpose-built logistics and head office facility.
The new centre will be modelled on the US Toys“R”Us store that opened in the American Dream Mall in New Jersey in 2021 and will be one of the largest toy and baby stores in Australia, predicted to rake in $7 million in annual trading and about $1.3 million in profit in its first year.
The company will also start the trial of Toys“R”Us and Babies”R”Us sublicenses with other Australian and New Zealand retailers after its successful sublicence agreement with WH Smith in the UK. In this retail partnership, the toy retailer will have branded shop-in-shops across nine WH Smith high street locations in the UK.
The toy retailer will also be investing in people, with its recent appointment of new CEO, Penny Cox, after Louis Mittoni’s resignation last month.
Cox will commence her new role in August 2023 after a successful international career in the UK, Australia and South East Asia.
In addition and subject to successful fund raising, the business’ total increase in leadership and marketing capacity and capability will be around $1 million a year.