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KUALA LUMPUR: Home improvement retailer MR DIY Group (M) Bhd (MR DIY) is committed to its "always low prices” slogan despite the rise in operating costs and inflation in the country.
Chief executive officer Adrian Ong said the move to continue providing consumers with affordable products was data-driven, adding that it was efficient and sustainable business practices which allow the company to absorb the hike in prices.
"At the same time, (the ability) to purchase in very large volume has enabled us to negotiate good terms with our suppliers which helps to keep prices low.
"We, in turn, pass this benefit to our customers. That is our formula, to share the benefits (of bulk buying) with everybody," he said during a press conference after the grand opening of Mr DIY Plus at the Mid Valley Megamall here today.
Ong said the newly launched Mr DIY Plus store had 200,000 visitors since its opening on May 19, 2022.
Recognised for its rapid expansion, the group has set a target to open a total of 180 stores across all of its brands with Mr DIY at the forefront, followed by Mr Toy and Mr Dollar. There are no plans yet for another MR DIY Plus this year, he said.
On the possibility of oversaturation of outlets, Ong said the group’s experience of late has been positive and it will continue to expand according to demand.
"We will continue to look at the data to make our decisions, and I'm pleased to say that our experience of late has continued to be very positive. There's no reason why we will not continue to open stores at this pace, it is very encouraging for us," he said.
He added that the company is comfortable with the performance of its physical stores, (which has been) "better” than its e-commerce section in terms of growth and revenue.
"By far, our physical stores generate far more revenue than our e-commerce section, which contributed less than one per cent of the group’s total revenue.
"Nevertheless, it continues to grow well, but for us what is relevant is to have brick-and-mortar stores, and we (will) continue to encourage brick-and-mortar stores to provide value to our customers,” Ong said. - Bernama