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PR Newswire
22-07-2011, 06:08 PM
BUSINESS TIMES
Published July 22, 2011
Challenger - an IT store and more
By WINSTON CHAI
MATERNITY wear, men's socks and baby diapers aren't exactly the kind of items you would typically associate with Challenger Technologies but unbeknownst to most consumers, the IT superstore has been selling such apparel for more than a year.
Mr Loo: The fluidity in customer purchasing behaviour requires a constant re-evaluation of retail strategy
However, these cannot be found on the racks of Challenger's physical retail stores. Instead, they are offered at 12buy.sg, the firm's latest attempt to cater to the modern consumer's penchant for online shopping.
In fact, gadgets make up just one of the five product categories on the site, which places a heavier emphasis on apparel and lifestyle knick-knacks.
'Being in IT retail, we need to constantly evolve with technology. When technology changes, it also changes the way we do our business,' says Challenger CEO Loo Leong Thye.
'Right now, we can see that sales volume for notebooks will overtake desktops. In time to come, the sales volume for tablets will overtake notebooks,' he adds.
For Challenger, the fluidity in customer purchasing behaviour requires a constant re-evaluation of its retail strategy.
The product mix in its stores is constantly refreshed to seize the latest consumer and technological trends.
New retail concepts and services, such as the introduction of 12buy.sg, 'mini' Challenger outlets, as well as 'Matrix IT Gallery' shops that specialise in selling notebooks, have been introduced to keep the firm ahead of the pack.
From Funan Centre, Challenger has grown its retail network to more than 24 locations across the island.
'We are able to counter them (competitors) by simply providing convenience in the form of having many outlets within easy reach of our customers. We have outlets in heartland malls, near or at MRT stations, as well as at central and town locations,' he says.
Earlier this year, it even upped the ante by offering round-the-clock shopping at its flagship Funan store.
Going 24 hours allows the company to work around the hectic lifestyles of its customers, Mr Loo explains.
'Our customers lead busy lives and have long working hours. They want to shop but have no time during the day,' he says.
Beyond Singapore, Challenger's geographical footprint now extends to Malaysia and other neighbouring countries could also feature in the company's ongoing expansion plan.
'We have three stores in Malaysia and will continue to expand in Malaysia and Singapore where there are suitable locations. We are also exploring expanding in the South-east Asia region with suitable joint venture or franchise partners,' Mr Loo reveals.
An adaptive mindset, coupled with a keen eye on operational costs, has kept Challenger in the pink of financial health year after year.
Despite analysts' prognosis of discretionary spending cutbacks, the company managed to register a healthy profit of nearly $5.3 million when the recession hit in 2008.
Its bottom line doubled to $11.1 million the year after and net profit climbed by a further 23 per cent to $13.7 million in 2010.
In recognition of his efforts, Mr Loo clinched the honour of Best CEO for companies with a market capitalisation of less than $300 million at this year's Singapore Corporate Awards.
Published July 22, 2011
Challenger - an IT store and more
By WINSTON CHAI
MATERNITY wear, men's socks and baby diapers aren't exactly the kind of items you would typically associate with Challenger Technologies but unbeknownst to most consumers, the IT superstore has been selling such apparel for more than a year.
Mr Loo: The fluidity in customer purchasing behaviour requires a constant re-evaluation of retail strategy
However, these cannot be found on the racks of Challenger's physical retail stores. Instead, they are offered at 12buy.sg, the firm's latest attempt to cater to the modern consumer's penchant for online shopping.
In fact, gadgets make up just one of the five product categories on the site, which places a heavier emphasis on apparel and lifestyle knick-knacks.
'Being in IT retail, we need to constantly evolve with technology. When technology changes, it also changes the way we do our business,' says Challenger CEO Loo Leong Thye.
'Right now, we can see that sales volume for notebooks will overtake desktops. In time to come, the sales volume for tablets will overtake notebooks,' he adds.
For Challenger, the fluidity in customer purchasing behaviour requires a constant re-evaluation of its retail strategy.
The product mix in its stores is constantly refreshed to seize the latest consumer and technological trends.
New retail concepts and services, such as the introduction of 12buy.sg, 'mini' Challenger outlets, as well as 'Matrix IT Gallery' shops that specialise in selling notebooks, have been introduced to keep the firm ahead of the pack.
From Funan Centre, Challenger has grown its retail network to more than 24 locations across the island.
'We are able to counter them (competitors) by simply providing convenience in the form of having many outlets within easy reach of our customers. We have outlets in heartland malls, near or at MRT stations, as well as at central and town locations,' he says.
Earlier this year, it even upped the ante by offering round-the-clock shopping at its flagship Funan store.
Going 24 hours allows the company to work around the hectic lifestyles of its customers, Mr Loo explains.
'Our customers lead busy lives and have long working hours. They want to shop but have no time during the day,' he says.
Beyond Singapore, Challenger's geographical footprint now extends to Malaysia and other neighbouring countries could also feature in the company's ongoing expansion plan.
'We have three stores in Malaysia and will continue to expand in Malaysia and Singapore where there are suitable locations. We are also exploring expanding in the South-east Asia region with suitable joint venture or franchise partners,' Mr Loo reveals.
An adaptive mindset, coupled with a keen eye on operational costs, has kept Challenger in the pink of financial health year after year.
Despite analysts' prognosis of discretionary spending cutbacks, the company managed to register a healthy profit of nearly $5.3 million when the recession hit in 2008.
Its bottom line doubled to $11.1 million the year after and net profit climbed by a further 23 per cent to $13.7 million in 2010.
In recognition of his efforts, Mr Loo clinched the honour of Best CEO for companies with a market capitalisation of less than $300 million at this year's Singapore Corporate Awards.