Costcutter to roll out eight new Buy Lo stores
The Cork-based Barry Group, that operates the Costcutter retail franchise in Ireland, is planning to roll out eight new 'Buy Lo' supermarkets around the country this year in a bid to capitalise on consumers' increased appetite for bargains amid the downturn.
The expansion will bring the number of Buy Lo shops nationwide to 10.
The expansion plans come as the group remained in rude financial health -- last year it posted a 12pc rise in pre-tax profit to just over €3m for the 12 months to the end of last January. The company, which is controlled by Jim Barry, also reported a dip in turnover to €207m from €212.4m.
Speaking to the Irish Independent, Mr Barry said that new Buy Lo stores will open in Mullingar, Shannon, Killarney, and Waterford in the coming months, while negotiations with potential franchisees to open a further four are advanced, and are likely to be concluded soon. The Mullingar outlet is due to open early next month.
The two current outlets are in Ashbourne, Co Meath, and Tralee, Co Kerry. They're both directly operated by the Barry Group.
"We've been trialling a concept, but we've been frustrated with planning issues to some extent," said Mr Barry.
The group aims to develop Buy Lo stores in existing warehouses that extend between 12,000 and 15,000sq ft, mirroring the footprint of the average Aldi or Lidl store.