Dairygold is investing €30m into its new DIY/Homeware chain, the 4Home division. It says the new chain will create over 600 new jobs over the next three years.
Dairygold says the DIY chain aims to achieve a national presence with a planned 30 stores, including franchise stores, over the next three years with a turnover of €100m.
Its existing DIY and homeware business accounts for a €50m per year turnover, giving the Co-Op a 10% share of Ireland's retail DIY/homeware market estimated to be worth about €500m annually and growing by 15% a year.
A key facet of the 4Home offering will be its own branded range of DIY and homeware products. Heavy emphasis is also being placed on staff training.
The 4Home chain will be established through the conversion and rebranding of ten existing Dairygold Co-Op Superstores. The first new 4Home store will open in Mallow, Co Cork at the end of July in a new location. Three further Co-Op Superstores at Raheen, Carrigaline and Annacotty will begin operations under the new brand in September.
It is anticipated that an another three 4Home franchise stores will open by the end of the year and a further six existing Dairygold Co-Op Superstores will transfer to the 4Home brand during 2005.
Dairygold said it expects that by the end of 2006, the 4Home brand will extend nationwide to included 20 franchise operations and ten company owned 4Home stores.
