Steve Cox, managing director at Dymocks for 14 months, talks to Sarah Stowe about the business’ approach to retail in a highly competitive marketplace.
How did Cox approach the challenges of a mostly specialist bookstore chain when he took up the reins after being with the business for two and a half years?
“There had been lots of good work done in the past and the first thing I did was review the work and clear a path for a three to five year horizon. We are working with the board, stakeholders, and the franchisee community to have buy in and input.
“As a group we ran workshops with senior teams and senior franchise owners to gauge where we see business today and how the marketplace is changing. We are staying focused on the facts: what the customer says and where are our gaps.
“By including franchisees in the process we could formulate a strategy in line with their needs and enable buy-in.
“The strategy is set but it’s an ongoing process. Every quarter we get the team together and review against a scorecard that includes expectations and then review the strategy itself. We’ve got a long way to go. We’re trying to change the future.”
There’s no doubt that retail is challenging, says Cox, and the franchisees within the group are facing uncertainty in the broader market in regards to the book industry. But he says, “We are giving them confidence that the strategy gives us a strong and vibrant future.”
The strategy is a three year project. “Our approach is to understand we haven’t started again. The big items remain consistent. So we are working to make stores visually different and exciting for customer, and this will work out for franchisees in time.
“Our core platform there has to be consistent and we have to be very mindful of capital expenditure by the franchisee.”
NEW LOOK
In a few weeks a refreshed, ‘stage one’ store design will be unveiled in Queensland and it’s expected that seeing the plans take shape in bricks and mortar will generate excitement within the network.
Cox is confident customers will share this enthusiasm for the new retail environment when they see the significant changes in Dymocks’ digital offering and how it is integrated into the store in Indooroopilly.
The George Street, Sydney, outlet has seen some changes already with the extension of categories and ranges, and the best example of this is the Lonely Planet Hub which from July will including complementary products. “What we’re talking about is a learning source for a rich life,” says Cox, harnessing “all the excitement and passion you get from reading a book.”
So how will this book-buying experience with additional merchandising differ from the ill-fated Borders’ concept?
“At Borders, it was anything they could sell in the four walls. We’ve done a lot of work on who the customer is, where how they shop, how they consume their media. A bookshop is a source of information and discovery, ultimately an experience that is pleasurable and exciting. There are key categories where we can really excite through content, digital integration, knowledge, and extend to authors’ talks.”
Bringing books to life means making the experience more than transactional, says Cox. As a starting point it will involve better reading recommendations and knowledgeable staff with a passion.
“It’s very much about the book,” says Cox.