Tandy Leather looks to new markets
Having announced that it expects to report an 80% decline in net income for the third quarter earlier this week, US specialty retailer and wholesale distributor of leather, leatherworking tools, dyes and finishes, and saddle and tack hardware Tandy Leather Factory, Inc. is looking to improve its performance by expanding into new markets, beginning with the UK.
The company intends to open a Tandy Leather Factory store in Northampton, UK, in the first quarter of 2008, which will operate as a combination wholesale and retail store. Once established and profitable, Tandy plans to open several traditional Tandy Leather retail stores throughout the country.
Commenting on the planned expansion of operations, the company said that with sales into the UK and Europe already reaching $600,000 annually, without any international advertising, new stores in the region could increase this figure significantly. It also cited the strong UK economy as a reason behind the move.
Ron Morgan, CEO and President, commented, "We have spent a lot of time researching the UK market and believe that 2008 is the right time to embark on this endeavour. While our sales internationally are respectable, considering we're not doing anything to develop that business, we believe that a local presence and a dedicated advertising and marketing effort could increase our sales considerably. Assuming we're successful in the UK, we have good reason to believe that Tandy Leather stores could be well received in several other countries as well."
