Many High Street names are enjoying a return to fortune of late, with an improved consumer environment encouraging growth throughout the retail industry. Optician chain Vision Express is just one of the high street’s success stories of the past year, having raised operating profit by 11 per cent in 2013 and achieving its third consecutive year of like for like growth.
Part of the secret to the brand’s success appears to be a profitable tie-in with celebrity chef Heston Blumenthal, who designed his own range of glasses for the chain based on his signature thick black frame. Since launching the designer range late in 2012, Vision Express has seen the glasses flying off the shelves as consumers reacted positively to the fashionable, durable designs.
Yet acquisition and expansion have also contributed to the chain’s strong sales growth, with Vision Express having purchased a total of 65 stores from lens maker Rayner and Keeler in January. A number of stores were also acquired from rival brand Crown Eyeglass’ portfolio after strong competition within the sector caused the smaller retailer to downsize.
Jonathan Lawson, chief executive of Vision Express, said; “It is very pleasing to report record sales and profit for 2013.
“The last 12 months have been an exciting time for Vision Express – as well as celebrating 25 years of trading, we have acquired a number of stores from Crown Eyeglass and Rayner & Keeler practices.
“I am also pleased to see that momentum has increased this year.”
Vision Express has spent much of its time over the past year looking to improve its multi-channel offering, so as to adapt to modern consumer trends. In part, this involved the chain’s owner, GrandVision, acquiring online contact lens retailer Lenstore, giving customers the opportunity to purchase their contact lenses online rather than having to visit their nearest store.
During 2013, Vision Express opened a total of eight new stores throughout the UK but seems well on track to increase this further in 2014. Since January, the retailer has opened four new stores, two of which are based in London, and will continue to examine opportunities as they arise nationwide.
Since opening its first store in Newcastle in 1988, Vision Express has grown to become one of the most successful optician chains on the UK high street – especially after being purchased by optical retail group GrandVision in 1997.
With both profits and like for like sales growing consistently, it seems that the brand is in a good position to become even more dominant in the UK retail industry in 2014, and expansion of its store portfolio could well play a major part in gaining yet more market share.
