Attire Accessories - Mar/Apr 2020 (Issue 81)

13 SHEFFIELD-BASED SHOE SHOP RECEIVES NATWEST FUNDING TO CONVERT TO FRANCHISE STORE A Clarks shoe shop in Sheffield’s city centre has been converted to operate as a franchise store, after Tonks Shoes Ltd secured six-figure funding from NatWest. The 12 existing staff will continue to work at the store, and the shoe shop in Orchard Square shopping centre has been given a fresh new look and feel. The business has also purchased a second Clarks franchise in Wilmslow, Cheshire, with a further five permanent staff, bringing the company’s total number of Clarks franchise stores to seven. Established in 1978, Tonks Shoes, was launched by Jeffrey and Elizabeth Tonks as an independent shoe retailer selling men’s, women’s and children’s shoes. Michael Tonks, their son, took over the business in 1982, opening franchises under the Tonks Shoes brand, until the firm became an official Clarks franchisee in 2000, changing its existing stores to be under the Clarks brand. Now in its third generation, Matthew Tonks is managing director of the Leigh- headquartered business, overseeing its seven franchises across the North West and Yorkshire. The two recent acquisitions bring the company’s total number of staff to close to 100 and will contribute to an annual turnover of over £4m. With the continued support from NatWest, Tonks Shoes Ltd will work closely with Clarks to explore other opportunities to expand their franchise portfolio. Matthew Tonks said: “By adding two more stores to our portfolio, we have supported Clarks’ high street presence and kept experienced staff in the process. The backing from NatWest has enabled us to take ownership of this valued Sheffield store, continuing to bring the products from this established and iconic brand to the town.” Ruth Kirby, relationship manager at NatWest, said: “Tonks Shoes is passionate about supporting high street stores in towns across the North of England. We look forward to supporting the business in the future as Matthew and the team look to expand the firm’s portfolio further.” RESEARCH PROVES CUSTOMERS WOULD USE POS FINANCE SME FASHION AND SHOE RETAILERS As buy now, pay later payment options continue to surge in popularity, new research has discovered that the majority of customers (83%) would use point of sale (POS) finance when purchasing from SME fashion and shoe retailers. The research by finance solutions provider, Duologi, found that almost one in five customers (17%), are now asking for POS and buy now, pay later options, when shopping with small and medium sized fashion retailers. A further 22% of customers said they now expect POS finance from SME retailers when shopping in-store or online, illustrating a shift in consumer payment expectations and attitudes. The Finance: an SME issue report, which surveyed 500 SMEs across a range of retail sectors, found that the majority (83%) of retailers have considered offering finance to their customers, with two-thirds (66%) of retailers that do offer POS finance, saying they do so as it makes business sense. The race to keep up with the rapidly evolving retail sector means that 18% of SME fashion retailers already offer POS finance options in an attempt to keep up with their competitors. This was highlighted as one in 10 (11%) fear bigger retail players like Amazon will steal their customers, as they are able to provide multiple payment options, lower prices and have greater visibility online. Michael Bevan, CEO of Duologi, said: “There is no denying attitudes to alternative finance options have shifted in recent years, with the research showing the majority of customers now consider using POS finance – a 10% increase over the past two years. It is therefore important that fashion retailers are evolving to meet changing customer expectations. “POS finance is also proven to increase sales and customer loyalty so those fashion retailers that haven’t yet looked into offering it could be missing out on additional revenue – especially those that worry about the future of their business. Current POS finance systems are easy to implement and work seamlessly alongside existing finance options, in-store and online.” However, the research highlighted that 33% of those SME fashion retailers that currently do not offer POS finance options, weren’t convinced finance would drive ROI for their business. More than a quarter (27%) SME fashion retailers also felt that offering POS finance was too much hassle, showing that finance providers in the retail sector still have work to do when it comes to proving the value of alternative payments partners. Michael Bevan, continued: “POS finance has the potential to increase customer loyalty, repeat purchase rate and overall basket size, as consumers opt for higher ticket items knowing that they can spread the cost over multiple months. However, there is a job to do to convince certain retailers about the benefits of POS finance. Given that finance drives on average 40% growth for retailers, it seems that some lenders are failing to demonstrate how finance can work for their business.” Visit duologi.com THE WHOLESALER UK CELEBRATES 20 TH ANNIVERSARY Online director The Wholesaler UK was founded in 1999, when the internet was in its infancy. The website aimed to bring together the best of the country’s wholesale suppliers and the independent retail trade. “It’s hard to believe that we are now celebrating our 20th birthday, still going strong and pursuing our original goal,” says Sue Naylor, director. “We put our success down to our accountability, the fact that we personally vet our content and our policy of linking only to bona fide traders. It’s what gives retailers the confidence to use the directory in their search for new suppliers. “A big thanks to our loyal customers for their continued support! We look forward to welcoming more wholesalers on board in the future, whatever products they’re offering, to join our ever-growing community. During our birthday year, we’re offering a 10 per cent discount off our normal rates for new advertisers. Please contact us for details. “As you can see, our dog mascot is getting in the party mood as well. He’s only three years old but that’s almost 20 in dog years! Here’s to another 20 years collaborating!” For further information, visit thewholesaler.co.uk 13 INDUSTRY NEWS