Case Study - Donna Mackenzie
Donna Mackenzie, who along with her partner, Keith Woodford, opened her first store in August 2009, decided to invest in Cash Converters after she was made redundant from her job as a national retail account manager in November 2008.
Donna explains: "Keith has been working with Cash Converters for over twelve years, as a retail property consultant sourcing store locations and planning their layouts, so when I was made redundant it made perfect sense to explore the Cash Converters opportunity."
Donna adds: "Cash Converters has seen double figure percentage increases for the last seven years, and a noticeable acceleration in growth during the last two years. This proves that the business does well in good times and bad and that's an important consideration in these uncertain times".
David Patrick, chief executive of Cash Converters, says "Cash Converters has transformed the concept of buying and selling pre-owned goods and from a business perspective, represents a robust investment opportunity. Since its inception, the Company has grown enormously with more than 500 stores in over 21 countries worldwide."
Keith's retail property expertise culminated in the couple finding the perfect outlet for their first store, on Foregate Street in Worcester, a location which Donna explains, was chosen very carefully: "We saw the potential in the area immediately; in terms of footfall and visibility we are in an excellent position."
Donna received extensive support and encouragement from fellow franchisees, Cash Converters head office, and Regional Training Manager Chris Heath, who have all helped make the process of setting up the first store much easier.
"We underwent a period of rigorous training and have benefitted from the knowledge of those who have gone through this process before. Sharing of best practice has enabled us to avoid many potential pitfalls.
"One of my goals was to encourage more women into the store. From the beginning I worked on the shop floor, highlighting those products such as fine jewellery which are particularly of interest with this audience. The store is part of the community and this hands-on approach has really made a difference in attracting customer loyalty."
With plans for an additional store in the next few years, Donna is set to take an important role in growing the UK store count as part of the national network of Cash Converters stores.
Business Development Manager Nathan Sermon concludes: "Donna and Keith bring a wealth of experience and enthusiasm to the Cash Converters team. They have implemented robust systems and procedures to support their business plan which has helped make the store a resounding success."
