Footasylum steps up expansion with first store opening under new ownership
Rochdale headquartered retailer Footasylum has launched its first store since its takeover by AURELIUS Group in August.
The store in Cheshunt, Hertfordshire is the first new opening since April 2021.
The 6,000 sq ft store is located in the Brookfield Shopping Park and brings Footasylum’s total number of stores to 60.
The opening comes as the business continues to go from strength to strength under new ownership, having traded its way resiliently through the pandemic. It recently announced annual revenue growth of 21% to £281m for the year ended 29 January 2022 (vs £232m in the prior year), with gross profit up 26% to £132.6m (vs £105.3m in the prior year). Physical stores accounted for 51% of the company’s revenue, with online sales representing 46% and wholesale accounting for 3%.
Footasylum says it has a strong pipeline of new openings planned for 2023, and is currently seeing strong demand both in its stores and online in the build up to Christmas.
Barry Bown, executive chairman and CEO of Footasylum, said: “We’re delighted to be opening our 60th store at a fantastic site in Cheshunt near the A10 corridor into London. This is our first new opening since April 2021, and should be taken as a clear sign of how strongly the business is trading due to the ongoing demand for our brands. As we look ahead to 2023, we have exciting plans for further expansion and are confident that we can continue to grow at pace despite the current macroeconomic uncertainty.”