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Latest Beaumont Tiles News
Sep 6, 2022
Share Bunnings boss Mike Schneider says there is plenty of growth left in Australia and New Zealand for the big box retailer, focusing on the commercial business, including the national roll-out of Tool Kit Depot aimed at the professional power tool users. The hardware giant is aiming for network expansion in its core warehouse brand as well as TKD and recently acquired tile retailer Beaumont Tiles to help drive sales as the DIY market tempers after a two-year COVID-19 induced boom. Bunnings managing director Mike Schneider is beefing up the trade side of the business. Eddie Jim Mr Schneider told The Australian Financial Review there are no plans to have another crack overseas (owner Wesfarmers abandoned the UK in 2018), and said there is room locally for TKD despite it being a fraction of the store network compared with rivals Sydney Tools and Metcash’s Total Tools. From the 11 sites it currently has, TKD is aiming to expand over the next five years to 75-100 stores across Australia and New Zealand, ranging in size from 1000 to 2000 square metres. It is poised to open two “dark stores” on the east coast in coming weeks to service TKD online orders, with the first stand-alone retail store to open before the end of the year in Queensland. WA has six stores which are honing in on areas such as the landscape garden market. Advertisement “The Tool Kit Depot business is helping us cater to more of the specialist trade customers. We’re able to deliver even more choice including an expansive power garden range used for landscaping, as well as an onsite service and repair offer,” he said. Wesfarmers-owned Bunnings acquired Adelaide Tools in 2019 to deepen its relationships with trade customers, and has since renamed it TDK. Mr Schneider is aiming to also double its frame and truss offering under its commercial arm from three sites now to six over the next year. The commercial side of the business constitutes about 40 per cent of sales currently, but the goal is to make it as even a contributor with the DIY side. The head of the hardware chain hopes that staff absenteeism will continue to fall. It has halved after peaking at 11 per cent in January when omicron hit. Over the past decade, Bunnings has evolved from a warehouse model offering around 34,000 hardware and home improvement products to an omnichannel business with over 110,000 home, commercial and lifestyle products across its instore, online and marketplace offers. Bunnings has grown its addressable market from $39 billion in 2007 to $100 billion in 2022. Advertisement The business has invested heavily in online and digital, and is looking to make a push into more personalised digital communications to shoppers and expand Bunnings’ marketplace offering. However, only $145 million, or about 1.7 per cent of group sales, were generated online in the second half of fiscal 2022. US giant Home Depot has double-digit online penetration. Mr Schneider said online will grow over time as Bunnings adds more ranges. It also aims to get more than 100,000 items on its marketplace platform, where third-parties sell a range of goods from small kitchen appliances to pet care, and to ship directly to consumers. Bunnings will join the newly revamped membership program OnePass around November. Its stablemates Kmart, Target and marketplace Catch are already under this subscription umbrella. Mr Schneider said there has been “good traction” with FlyBuys which allows the retailer to use data and target shoppers with localised content. At the recent full year results the retailer noted deeper digital engagement was contributing to sales growth online, instore and through the PowerPass app. Revenue grew 5.2 per cent to $17.8 billion in the past fiscal year, while earnings gained 3.7 per cent to $945 million following extraordinary growth through the prior two years. Advertisement Mr Schneider said there were around 650,000 hours of YouTube videos consumed over fiscal 2022 by DIYers with “How to Build a Deck” the most popular as people stayed at home and fixed up their abodes. Bunnings has recently purchased its fifth house in Melbourne where it creates DIY renovating content. He said creating fresh content is pivotal to keeping DIY shoppers engaged. Despite the home renovation boom over the past two years, smaller projects will continue given working for home. He added while many retailers are suffering in New Zealand amid rising interest rates, the housing market is still strong, which bodes well for Bunnings. Carrie LaFrenz has more than 10 years' experience as a business journalist having previously covered healthcare, retail/consumer goods, industrials and agribusiness. She is based in our Sydney newsroom. Connect with Carrie on Twitter . Email Carrie at firstname.lastname@example.org Save
Beaumont Tiles Frequently Asked Questions (FAQ)
When was Beaumont Tiles founded?
Beaumont Tiles was founded in 1960.
Where is Beaumont Tiles's headquarters?
Beaumont Tiles's headquarters is located at 225 Marion Road, Marleston.
What is Beaumont Tiles's latest funding round?
Beaumont Tiles's latest funding round is Acquired.
Who are the investors of Beaumont Tiles?
Investors of Beaumont Tiles include Bunnings.
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