KUALA LUMPUR (April 28): Mr DIY Group (M) Bhd expects to open 175 new stores in 2021 across the three brands under the home improvement products retailer’s umbrella, namely, the MR DIY, MR TOY and MR DOLLAR outlets as the group evolves from a single-brand retailer to a multi-brand entity and continues to sustainably deliver affordable products to the widest market possible.
Mr DIY Group chairman Datuk Azlam Shah Alias said in the company’s inaugural annual report, which was filed with Bursa Malaysia today, that the group, which already has more than 700 stores, in 2020 achieved its target of opening 141 new stores, comprising 104 MR DIY, 23 MR TOY and 14 MR DOLLAR outlets.
“The group remains committed to delivering sustainable growth and long-term stakeholder value,” Azlam said in Mr DIY Group’s first annual report since the company’s Bursa listing in October 2020.
Azlam, who did not specify where Mr DIY Group plans to open the 175 new stores, is, however, mindful of the lingering impact of the Covid-19 pandemic on the world economy.
While headwinds are still expected to persist due to the resurgence of Covid-19 within the country and globally, the group nevertheless remains positive about its prospects going forward premised on its affordable prices, range of products and the convenience of its over 700 outlets.
Mr DIY Group has come a long way since its first store in 2005. Mr DIY Group chief executive officer Adrian Ong Chu Jin said in the annual report that growing to more than 700 stores in 15 years is a testament to the foundation and strategies put in place by the management team.
Ong said Mr DIY Group is aware that for its shareholders, the long-term value of the group is defined by its ability to continue to sustainably deliver its affordable products to the widest market possible.
“To achieve this, the group is evolving from a single-brand retailer to a multi-brand retailer, leveraging the domain knowledge and experience accumulated from our years in the business.
“Store growth will continue to be a central feature of our strategy and we will strive to extract incremental gains with each store opening through higher sales per store from a wider, more affordable product range.
“Our e-commerce platform has also further strengthened the brand’s resonance with the Malaysian public, making us the preferred one-stop shop for all their home improvement needs,” he said.
On Bursa today, Mr DIY Group’s share price fell one sen or 0.24% at 11.28am to RM4.15 for a market value of about RM26.06 billion.
Mr DIY Group, which has 6.28 billion issued shares, was listed on Bursa’s Main Market on Oct 26, 2020 at RM1.60 a share.
