Geekzone: technology news, blogs, forums
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
Renaissance MagnumMac business reports strong growth Turnaround is six months ahead of schedule
Posted on 8-Jul-2010 14:43 | Tags Filed under: News

Renaissance has announced that its MagnumMac retail business has returned to profitability six months ahead of plan, reporting 17 percent year-on-year revenue growth for the first three months of 2010.

Renaissance Group, which will deliver a full six-month report to the market in early August, had originally expected that the MagnumMac retail business would not return to profitable trading until the end of 2010. After weathering a challenging environment in 2009, the Renaissance retail business, comprised of seven MagnumMac stores across New Zealand, began 2010 with an improved product mix, stronger sales focus and improved cost controls.

“We’re delighted with the turnaround in the retail business in the last six months,” said Richard Webb, CEO of Renaissance. “We embarked on a number of initiatives in early 2010 and we are now reaping the rewards of those initiatives.”

“Those initiatives included reduced overheads by using centralised marketing and HR functions within the Renaissance Group, a large investment in upskilling the retail sales force, improved communications between the stores, a focus on expanding the product offering and changing the sales representatives reward model,” said Webb.

“We have completely revamped our retail offering in the last six months”, said Eddie McGrory, Director of Retail at Renaissance. “We are now selling world class Apple authorised training in our Auckland and Wellington locations and will shortly be adding this to the Christchurch store.

“In addition, we have greatly expanded our product range, particularly in terms of accessories for Macs, PCs, iPods and other mobile devices. Year on year for the same quarter our Apple computer sales are up almost 50 percent,” said McGrory.

“We’ve got great plans for the second half of 2010 including implementing some radical new retail concepts, starting with our flagship store in Newmarket. We are also looking for sites for new stores and will be adding product lines focused on the converged home network, home automation and home theatre markets,” said McGrory.

“We want to make it easy for the consumer to enjoy the latest in entertainment and communication technologies in their homes. To date the technology has forced them to behave like systems engineers in order to benefit from integration – we intend to take all that away and make it a seamless, fun experience,” said McGrory.

Webb said the growth rates are particularly impressive when compared to Apple’s own retail stores, which only grew by eight percent for the same period. “US-based Needham analyst Charlie Wolf reported earlier this year that Apple’s stores had revenue growth of eight percent for the first quarter of 2010. For us to achieve 17 percent growth for the same period shows we are on the right track. The whole team has worked hard for this and we’re delighted with the results,” said Webb.

comments powered by Disqus

Trending now »

Hot discussions in our forums right now:

Bombing at Manchester concert, 19 dead
Created by Rikkitic, last reply by Rikkitic on 28-May-2017 19:06 (174 replies)
Pages... 10 11 12

Tax Cuts
Created by tdgeek, last reply by MikeAqua on 30-May-2017 15:50 (138 replies)
Pages... 8 9 10

How much power do you use?
Created by tchart, last reply by jofajafa on 30-May-2017 17:00 (65 replies)
Pages... 3 4 5

The President Of The USA: Donald Trump
Created by TimA, last reply by frankv on 29-May-2017 09:55 (4373 replies)
Pages... 290 291 292

Tipping? Please no!
Created by BlueShift, last reply by cddt on 27-May-2017 10:10 (104 replies)
Pages... 5 6 7

Phone Shopping Guide - $500 budget, Android 7 (as close to stock as possible)
Created by nzkiwiman, last reply by rb99 on 30-May-2017 16:02 (19 replies)
Pages... 2

NZ Herald - Internet providers have backdoor access to customers' modems
Created by RunningMan, last reply by Stu on 30-May-2017 13:02 (52 replies)
Pages... 2 3 4

Molemaps and recommended plastic surgeons for removal.
Created by Paul1977, last reply by MikeAqua on 29-May-2017 14:05 (13 replies)