Business up by 20% in 1st 1/4 for Cash Converters
Strong Start for Cash Converters Franchise
With total business up by 20% over the December/January period, Cash Converters is trading strongly for the first quarter of its new financial year.
Cash Converters CEO, Richard Mukheibir, says, “In late December and early January, we receive a flood of gadgets from consumers who are eager to sell items for quick cash. People want to keep up with rapidly advancing technology and buying and selling previously owned tech is a good way to fund this desire. On the flip side, consumers who are considering the purchase of second hand electronics can expect to enjoy a wide selection and significant savings at this time of year.”
“We are fortunate that we can leverage both the desire for cash plus the desire for durable goods and, provided we have a good cost-effective, quality selection of goods and financial services, believe the brand will continue to do well,” he says.
Cash Converters, which currently has 67 franchises around the country, plans to increase this to 150 within the next five years with immediate plans to open an additional 18 new stores throughout this year. “Obviously this also opens up great employment opportunities for potential franchisees who fit within our same culture and value set,” says Mukheibir. He notes that interestingly the second-hand goods franchise sector is increasingly attracting successful individuals with previous franchise experience in other sectors which perhaps have tighter margins and/or are becoming too competitive and cluttered.
Mukheibir is however adamant that the group only employs a very specific type of individual who has the same value set. So much so that next year the group will be rolling out a national training programme to all 1000 employees to coincide with the move to a new global corporate identity.
The third generation store design, which emulates the global Australian model, is currently being rolled out and is intended to contemporise the brand and assist in attracting new customers and business to the stores. “The training is an integral part of the new design as the change is not only aesthetic.”
“Cash Converters International has spent eight years on the development of the logo and store design and all of this as well as the training insights, visual merchandising and marketing intellectual capital is now be available to South African franchisees.
Underpinning these changes is continued significant investment in technology infrastructure to give us greater capacity for our money lending and core POS systems,” concludes Mukheibir.