Skopes to open 15 new stores after securing £6m funding package

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Skopes to open 15 new stores after securing £6m funding package Simon Cope HSBC
Skopes currently only has three standalone stores.
// Skopes, a Leeds-based menswear retailer, to expand with 15 new stores over the next 2-3 years
// The expansion is supported by a £6m funding package from HSBC UK
// The expansion will support the creation of 200 new jobs

Skopes has announced plans to open 15 new stores after securing a £6 million funding package from HSBC UK.

The Leeds-based menswear retailer is poised to expand from its current estate of just three standalone stores to a total of 18 stores across the UK within the next three to five years.

This expansion will create 200 new jobs in retail, warehouse and office roles, marking Skopes’ biggest growth phase since it was founded in 1948.

Following the expansion, the total workforce of the retailer will exceed 500.

The £6 million funding package from HSBC will enable Skopes  to strengthen its import channels from China, Bangladesh and Europe.

Overall, expansion plans are expected to increase turnover from £30 million to around £60 to £70 million over the next three to five years.

Skopes said it would also ring fence a proportion of the funding for targeted online marketing activity, such as digital and mobile advertising.

While new stores are expected to generate growth, online sales still account for around 20 per cent of the menswear retailer’s overall sales.

“2018 was a big year for us. Seventy years after the business was founded by my grandfather, Sydney Cope, we completely re-branded and the energy this brought propelled our growth forward,” Skopes founder and managing director Simon Cope said.

“While cultivating a strong digital following is key for us, we believe bricks and mortar stores still have a hugely relevant role in the retail landscape.

“We want to capitalise on this by rolling out 15 new stores nationwide. The HSBC UK funding will enable us to create stores that respond to consumer demand and trends which is imperative if we are to remain relevant and attractive to our ever-changing market.”

Skopes currently trades from standalone stores in Westfield in London, Junction 32 and Meadowhall in Sheffield, as well as department store concessions.

Its funding package from HSBC is part of the bank’s £14 billion fund for British SMEs.

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1 COMMENT

  1. Their retail is very impressive. They know and understand their ‘customer’. The emphasis is on fit for purpose rather than quality, e.g. fabrics? I would be surprised if their expansion isn’t a notable success.
    (former menswear retail director)

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