London Drugs president Wynne Powell told Business in Vancouver August 28 that he plans steady expansion despite the current sluggish retail environment.
Powell will open his chain’s 75th store in the Olympic Village this Friday, August 31. In October, the chain will open a store in Airdrie, Alberta.
Stores will then open at a rate of about three per year for the foreseeable future, Powell said.
“We’re keeping our sales performance up but it isn’t rosy times for retail,” Powell said. “It’s not bad times. But it’s times like this when you appreciate customer loyalty and make sure that you’ve got the best bargains possible. That’s the only way you can motivate people to spend money at the moment.”
Statistics Canada reported last week that retail sales in British Columbia declined 1% in June, after relatively flat retail sales the previous three months.
Retail sales in Alberta declined 1.3% in June, which was more than in any other province. Most of London Drugs’ sales are in British Columbia and Alberta.
The chain’s Olympic Village location, at 17,000 square feet, will be the same size as some of London Drugs’ older stores. Most of its new stores, including its future store in Airdrie, are in the 34,000-square-foot range.
“The Olympic Village store is what I would call a neighbourhood London Drugs,” Powell said. “If customers want a larger selection, they can go up to our store on Broadway near Cambie Street.”
