Madison has today announced that it will open up it’s previously limited Partner Store Programme to all UK bike retailers having deemed the trial period a success.
Notoriously something that the distributor has been publicly tight-lipped on, barring a brief segment in this CI.N interview, the Partner Store Programme has until now been reserved for the 100 retailers partnered in the two-year trial phase.
During the trial period, a particularly turbulent period for bike retail in general, Madison has refined the programme around retail feedback and is now laying claim to having averaged sales growth of 10 to 15% across the business in 2017 as a result of enhanced sales progress.
In driving this business, the PSP provides assistance with merchandising, in-store messaging and seasonally appropriate Madison supported promotions. Partner Stores in the last two years are said to have seen an average of 50% increase in footwear, apparel and helmets by offering clear, well-stocked and exciting ranges.
Dominic Langan, CEO at Madison, said: “This is a significant investment for Madison. We understand the challenges of running a bike store and the fact that cash restraints often dictate the ranging as credit is maximised over multiple supplies. This often results in poor brand representation in-store and in turn a poor customer experience, which drives them to look to the internet to find what they want. Over the past two years we have worked tirelessly with a diverse range of retailers throughout the UK and Ireland and the results have been fantastic. The Professional Retailer Programme is a partnership which has been a huge success for those involved and after gradually improving our own processes, we are confident that we are ready to invite more dealers to apply to be a part of it.”
Clarifying that the programme is not a preferential pricing scheme, Madison outlined that the PSP is instead a consignment stock programme allowing retailers to take the stock they need and pay for it when it is sold, eliminating the element of risk. This allows the retailer to implement a well-curated ranging strategy, which improves the in-store customer experience. Additionally, a good visually merchandised and ranged store gives credibility without affecting cash flow and it also makes it easier to close sales, therefore avoiding losing customers to the internet.
Described as a “huge investment”, 2018 will also see the introduction of an industry-first website joining all members of the Partnership programme together along with all specialist bike retailers who buy from Madison and Sportline. This website will bring together the convenience of the internet and the expertise of the local bike store and provide the consumer with the best of both worlds. The site will actively drive consumers toward stores.
CyclingIndustry.News will soon carry a more in-depth interview with boss Dominic Langan on the PSP, so stay tuned for more detail.
Interested retailers are encouraged to attend the distributor’s in-house trade show, iceBike*, which takes place at Arena:MK in Milton Keynes on 20th until 22nd February. Dealers can register now at www.icebike.co.uk.
Any retailers interested in finding out more about the programme or applying should email firstname.lastname@example.org.