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Ben Terry Location Planning Manager -- More Than Just Shops

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Ben Terry Location Planning Manager -- More Than Just Shops Ben Terry Location Planning Manager -- more than just shops Dixons Carphone plc is Europe’s leading specialist electrical and telecommunications retailer and services company, employing over 42,000 people in twelve countries Shop keepers? Have to be more than Shop Keepers Increasingly complexity and cost Retail supply chains Diversity of goods and how customers want them Store Reserve & Store Same day Online Installed setup collect ✓ ✓ ✓ ✓ ✗ ✓ ✓ ✓ ✓ ✓ ✗ ✓ ✓ Some ✓ ✓ Some ✓ ✓ Some ✓ ✗ ✓ ✓ How we currently do things - Newark o Centre of our UK&I Operations o Serves all UK&I Brands o Over 1.5m sq. ft. with max 4000 colleagues on site o Home Fulfillment Centre via CSC’s o Branch Fulfillment Centre o Small Products Warehouse o Customer Repair Centre Building 1 Overview Building 1 Building 1 o HFC (Home Fulfilment Centre); 440,000 sq. ft. in Chambers 2 and 3, a small portion of which is also utilised by Newark CSC. o Reverse Logistics (Returns) and Spares; 220,000 Chamber 1 Chamber 2 Chamber 3 sq. ft. on the ground floor of Chamber 1 o Customer Repair Centre; 184,000 sq. ft. on the mezzanine in Chamber 1. How we currently do things - CSCs o 22 Customer Service Centres o 5m+ home visits per year o 250 Specialist Engineers o +250,000 white goods repair in home o 7am to 9pm delivery slots o Enhanced Service Capability o Detailed Property Requirements Repair; Service; Install; Upgrade; Membership Ben Terry - Introduction Career History: 15 years experience in site location / retail analysis GeoBusiness Solutions – retail & leisure consultancy PinPoint Target Marketing – retail & leisure geodemographic targeting in New Zealand JCDecaux UK – targeted outdoor media campaigns Dixons Retail / Dixons Carphone – site location planning & performance review of store portfolio Ben Terry - Introduction Career History – early starter Ben Terry - Introduction Career History- keeping up-to-date 1985 1996 2007 1986 1997 2008 1987 1998 2009 1988 1999 2010 2000 2011 1990 2001 2012 1991 2002 2013 1992 2003 2014 1993 2004 2015 1994 2016 1995 2006 2017 2018 Ben Terry - Introduction Career History – catchment knowledge Retail Destinations Detailed Store Analysis Performance Analysis– review of each individual store’s sales performance within the portfolio Location Planning Overview Objective Understanding our locations to reflect customer behaviour, across multi-channel, to shape portfolio and catchment strategy. UK & Ireland Store Network Over 1,000 retail stores 313 x 3in1 stores & 650 Carphone Warehouse (standalone locations) Currys PC World & Carphone Warehouse – a portfolio journey from the start of optimisation 2010 Currys PC World High Street portfolio Currys PC World & Carphone Warehouse – a portfolio journey to the current day 2018 3in1 stores 3in1 stores Carphone Warehouse portfolio 21/01/2019 Assets and Estate Understanding ourselves Dixons - Contribution vs Property Costs 4,999 4,499 3,999 3,499 2,999 UK’s Largest Electrical Store 2,499 1,999 Branch Contribution Branch 1,499 999 499 London’s Premier Shopping Street (1) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Property Costs Understanding ourselves CPW - Contribution vs. Property Costs 1,600 1,400 1,200 1,000 800 600 400 200 Branch Contribution Branch Oxford Street 262 Oxford Street Centre Point - -200 Birmingham Grand Central -400 Property Costs Page 23 New “EVO Format” Shopping Centres High Street Retail Park Stores Arterial Routes Property Assets & Estate Department Overview Objective To deliver a full property management service for all of the Groups property interests in the UK & Ireland aligned to the businesses overall UK & Ireland aligned to the businesses overall strategy. UK & Ireland Property Over 1,000 retail stores (313 3in1 stores & 650 Carphone Warehouses) Over 50 Non- Retail properties (inc. Warehouses, Support Offices & Call Centres) Over 60 Non-Trading properties (inc. vacant and sublets) Property Costs Page 28 Property Assets & Estate Department Overview Estate Management Rent/Property Cost Payments. Lease Administration: o Change of Landlords. o Landlords consents. o New leases, disposals, changes in rent etc. General estate management issues o Squatters/Travellers in vacant sites o Ensuring stores ability to trade at all times - landlord and adjoining occupier liaison. Cost Management Rent Reviews – managed both internally and outsourced Lease renewals: o Around 80 renewals a year o Typically outsourced o Maximise future flexibility (e.g lease breaks & favourable alterations clauses) o Minimising future cost exposure (service charge exclusions) Page 29 Property Assets & Estate Department Overview Cost Management continued Business Rates o Outsourced (payments and valuation appeals) o Rates mitigation on vacant premises Service Charges: o Member of the PMA - lobbying RICS on new Service Charge Code o Seeing significant inflation due to Landlords proposed investments in shopping centres and retail parks o Significant time invested in negotiating favourable exclusions in new leases Closures All stores reviewed at lease expiry having regard for: o Profitability and sales performance o Rent forecast o Other stores in the catchment – ability to transfer sales ? o Dilapidations liability Page 30 Property Assets & Estate Department Overview Disposals A number of vacant stores, offices and warehouses on the market Preference is always to Surrender but Assignments & sublets considered subject to covenant Always seeking opportunities to minimise exposure to costs (i.e. temporary or charity lets) Acquisitions (New stores & relocations) Deliver incremental sales/profit New stores o White gaps areas of low market share o New developments Relocations o Forced (e.g. hostile notices at lease renewal) – business protection o New developments - changes in retail pitch o Upsizes & downsizes Page 31 Property Assets & Estate Department Overview Non-Retail Includes warehousing & distribution, support offices, call centres & car parking. Warehousing & distribution is an area of growing importance as the business develops its future supply chain strategy Warehouse market becoming increasingly competitive due to the growth of on-line. Sublet Portfolio A number of sublets (e.g. residential upper parts & sublets of surplus space) Always seeking maximise income and minimise costs. A number of rules & regulations that must be adhered to, particularly in relation to residential property Page 32 Project Berlin Following the merger, we announced a major property initiative to reduce the number of stores in our portfolio through a series of store closures and refits of the remaining stores. We are now 95% complete with only a handful of store closures and refits remaining The rationalisation of our property portfolio has created a truly 3 in 1 estate that reflects the future strategic role of the store and enables stores in the right market locations for our customers 92 • 92 store re-development programme to transform the Currys and PCW portfolio and enable a store re-development ‘3in1’ estate to meet the needs of our customers programme • Closure and disposal of 132 stores across the Currys PCW and Carphone 132 portfolio store closures • 91 Dixons (Currys PC World) stores • 41 Carphone Warehouse • 100% transfer of sales from the closure store into the new ‘3in1’ re-developed site 100% Trade transfer £150m • £70m refit costs (including 28 new mezzanines) • £80m lease exit costs Investment Page 33 Project Berlin Latest Position We have spent circa £80m to dispose of over 80 stores. This has removed £205m of future property cost liability (to £205m of future property cost liability (to lease expiry) £49m budget left to dispose of the remaining 52 stores that have a current future property cost liability of £94m future property cost liability of £94m Benefits We have delivered a £50m p.a. rent & rates saving whilst retaining 100% of our sales. sales. Page 34 More than just shops! Page 35 Guessing the future Innovation cycles have massively reduced in the digital environment and create a truly unpredictable future LEAD TIME BEFORE REACHING 50M ACTIVE USERS 38 27 17 12 4 3.5 1.5 0.3 YEARS YEARS YEARS YEARS YEARS YEARS YEARS YEARS RADIO MOBILE INTERNET GOOGLE iPOD FACEBOOK iPAD GOOGLE + 1958 1983 1992 1998 2002 2004 2010 2011.
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