Briscoe targets Urban Loft at homewares market's top end

Briscoe Group aims to claim 10 per cent of the $560 million homewares market with its new chain of "Urban Loft" stores.

Revealing the name yesterday, Briscoe said that share would come from the top end of the market as Kiwis followed international trends to spend more on what it described as "life's little luxuries".

The first store is due to open in October as part of the Britomart redevelopment in downtown Auckland.

The company saw potential for 10 stores nationally, at a size of 1500sq m each, and planned to take a 10 per cent share of the mid to upper market over the next four to five years.

"This will grow our total group business without cannibalising our existing Briscoes Homeware business," the company said.

Urban Loft would complement rather than compete with Briscoes Homeware stores which were positioned in the mass market, reaching into the mid-market.

The homewares and gifts were aimed at females, aged 25 to 50 years, in the upper socio-economic bracket, who were "sophisticated and confident in their personal style", Briscoe said.

Urban Loft's point of difference would be to offer several categories under one roof.

These would include sleep, dining, bathroom, cooking, living, food preparation, food, indulgence (jewellery and accessories), children's space and outdoor.

Many of the brands would be new to New Zealand and some were under exclusive distribution.

Global trends showed consumer habits no longer corresponded to income level, Briscoe said.

"People from all sorts of demographics are ready to spend well over the odds on premium brands they perceive as offering their lives perhaps even a little bit more quality or a rewarding treat," the company said.

Briscoe Group has 60 Briscoes Homeware and Rebel Sport stores nationally.

It plans to add another 11,500sq m in new stores to its portfolio this year, bringing total store area to about 130,500sq m.

Briscoe closed at $1.59 yesterday.