Farmlands Announces 47th Store

Media Release – Farmlands Trading Society Ltd

Farmlands Announces 47th Store

FOR IMMEDIATE RELEASE

16 NOVEMBER 2010

Farmlands continues to support its plans to become the North Island’s dominant rural retailer with the announcement of a 47th store to open in Inglewood, Taranaki.

A rural retailing co-operative, Farmlands will be taking over the former RD1 premises at 110 Rata Road in Inglewood, with the store due to open for business on 30 January 2012. The refurbished and refitted store will open under the Farmlands banner, with five fulltime staff.

Peter Ellis, Chief Executive Officer of Farmlands Trading Society, says the new store supports a rapidly expanding presence in Taranaki.

“In addition to our existing stores in New Plymouth, Hawera, Stratford and Opunake, the new Inglewood store gives our Taranaki customers excellent regional coverage,” says Peter Ellis.

The new store will be managed by Rochelle Worthington, a local from Tarata who is currently assistant manager of Farmlands Stratford branch.

“We are delighted to offer the convenience of more store locations in Taranaki, with this one well located to serve the country and urban areas around Inglewood, Egmont Village and Lepperton,” says Rochelle Worthington.

“It’s all about locals supporting locals, and our staff offers service and knowledge to meet the needs of this area - whether it is dairy, beef, sheep, horticulture, lifestyle or residential - and if we can’t supply it ourselves, we can direct our customers to one of the 3500 places nationwide that accept the Farmlands card.”

The new store forms part of a long term strategic growth plan, further activated through the recent sale and leaseback of six stores around the North Island, a move instigated to release capital for further investment in the development of the organisation.

“By unlocking the value of our real estate holdings to re-invest in the expansion of Farmlands we are creating an exciting future for the organisation, our staff and our shareholders,” says Peter Ellis.

“Our growth strategy allows us to become a larger player; increasing our turnover, profits and shareholder numbers, and ultimately boosts our payouts to shareholders.”

The rural sector is clearly seeing the benefit in this increased store coverage, with a 5 percent increase in shareholders in the past year, taking the current number to 27,000.

During the last 12 months Farmlands has undergone a period of rapid growth with new stores opening recently in Putaruru, Opunake and Helensville and a new store in Huntly currently underway. This means there are only three more locations in the Farmlands ‘pipeline’ to complete the company’s stated target of 50 stores by the end of 2012, thus delivering comprehensive geographic coverage to the North Island.

Farmlands continue to trade well and achieve growth, despite ongoing economic challenges around the globe. Farmlands recently posted an annual turnover of $683 million, 22 per cent up on the previous year. The organisation also distributed over $44 million of trading and loyalty rebates amongst its members, an increase of 23 per cent over the previous year.

The New Zealand rural sector increasingly recognises Farmlands shareholder membership as a heavyweight business tool. The everyday use of a Farmlands card delivers the fundamental benefits of reduced farming inputs costs and simplifed accounting. However, Farmlands is not just for farmers, explains CEO Peter Ellis.

“The local farming community has embraced the benefits of Farmlands co-operative concept with open arms, and with ever-increasing product ranges and a higher profile gained through more convenient locations, we are fast becoming an obvious option for town dwellers too.”

ENDS

© Scoop Media