Coles aims to ramp up its convenience strategy with improved food-to-go ranges and better targeted stores.
New ranges to tap into a AU$1bn opportunity
Speaking to the Australian Financial Review, Coles managing director, Steven Cain, has revealed that the retailer plans to introduce 75 new lines to its food-to-go range. It will also make changes to over 100 stores in the next six months, enabling them to stock more food-to-go and semi-prepared meals. Through the opening of new smaller formats and partnerships with the likes of UberEats, Coles clearly is putting more emphasis behind providing convenient solutions, with Cain, commenting, "We see the convenience market as being an opportunity to grow another billion in sales over the next five years."
Additonal format changes expected to be confirmed next month
The article also hints that Coles will release further plans at its strategy update next month, whereby it plans to convert around 200 stores into a more premium experience, as well as another 200 lower volume stores, to a more budget offering. Coles, alongside other Australian retailers have made improvements to store segmentation over the past few years, however sophistication and range innovation still lags other markets, providing an opportunity for both retailers and suppliers.