Understand the five Deep Dives
“Seamless and Closer to the Customer” is centered around five Deep Dives, which are important areas for JYSK in the new strategy period.
CEO & President in JYSK, Jan Bøgh, explains the five key Deep Dives.
Expansion outside Europe:
“Lars Larsen previously stated that we are heading for 5,000 JYSK stores worldwide. This is a vision, which we as management think is very exciting, and one we want to live up to. When we opened in Ireland, it was the last major country in Europe without a JYSK store. That said, we still have huge opportunities to expand in our existing countries, but if we look further into the future, we already have to prepare now, where it would be most interesting for JYSK to expand outside Europe.
We have used external help to find out where JYSK will be most successful and where to look first.”
Increase Sales through Data:
“We have to become better at using data to predict what we need to do. We have been very good at looking back and evaluating on how to do things better in the future. Now, we are moving towards trying to predict the future by using data, so we can be ahead of things. For example, in correlation with our products, our amount of goods and our pricing. We are taking the next step on that journey and are upgrading on both the systems and on our resources.”
Fighting the Gorilla and the Thousand Mice:
“This is very much about being prepared as well as possible for the competition with some of the big players in the market, such as Amazon. But it is also about being better than the many web shops, which are opening on an ongoing basis. Because even though the individual web shop itself is not a big competitor to us, there are lots of them, and we have to respond to that. We have measured ourselves against both the big and the small competitors and looked at which possibilities we have. We know that online shopping is here to stay and will only grow bigger, and that has to work together with our physical stores. This is vital to our customers.”
Fit for the Future
”It means that we look into all areas to evaluate our costs. We have some heavy investments in IT and new distribution centres among other things, so we must ensure that we have the resources we need. This will make us streamlined and fit as a company so we are ready for fight and development. At the same time we must maintain our sense of being good tradesmen and cost conscious in everything we do.”
Attract and Retain the Right Talent:
“Continuing to open many stores also means there are a lot of jobs to be filled, and there is strong competition for the best employees. We have to support our vision to be ”Employees’ First Choice Within Retail”. This means that there will be even more focus on employer branding, and that we have to both make it more attractive to work at JYSK and tell about the great possibilities we offer as a workplace.”