Halfords plans to resurrect the Cycle Republic chain will not stop at next month’s opening at Euston Tower, according to boss Matt Davies, who believes there’s scope for "100 nationwide".
The Cycle Republic chain expansion comes on the back of reports that suggest Halfords commands a 22 per cent share of the cycle retail market, a figure that’s steadily growing, according to the retail giant.
Retail premises of around 3,000 sq ft to 4,000 sq ft are currently being scoped out by the retailer, who will fill each with bikes ranging £300 to £2,000, as well as components, clothing and accessories.
Davies told Retail Week: “In Greater London there is opportunity for 25 Cycle Republic stores. Over the next few years, if somebody asked me, ‘could we have100 stores?’ I don’t think that’s silly.
“We see the opportunity to take Cycle Republic to major towns and cities across the UK. This isn’t about just London.”
Cycle related sales now account for around 38 per cent of the Halfords business. The retailer recently announced a pre-tax profit of £49.4 million in the first half.
Davies added: “We’re delighted with the performance. Our turnaround plan is bearing fruit.
“I’ve been in place for two years and these are the most satisfying results I’ve presented. We’re generating growth upon growth.”
Ranges stocked will include the newly launched 13 house label, which will sit alongside Boardman, among others.
Davies also touched on staff wages, stating that the business will pay 80 per cent of its staff 50p above the minimum wage by March 2016. 50 per cent of staff are projected to be at this level by March 2015.