No frills approach sees Tofs thriving in difficult sector

Tofs, which describes itself as a “spit and sawdust version of TK Maxx” is looking for sites in smaller towns and conurbations with around 15,000 to 20,000 people following the success it has seen in Maltby, Keighley​, ​Ripon, Rothwell, Knottingley​ and​ Garforth​.

The firm said it keeps prices low by siting itself in areas with low rents and keeping its stores basic with no frills.

In a difficult retail sector, Tofs is thriving. Last week it announced a 6 per cent increase in annual turnover to £185m, while like-for-like sales rose a credible 2.6 per cent at a time when most retailers are seeing negative underlying sales. Underlying earnings rose 6.3 per cent to £15m.

The group’s CEO Tony Page said: “We are looking for up to 40 new sites in Yorkshire. We’ve got 20 at the moment. Yorkshire folk seem to like us. We don’t attract snobs.

“Our stores are not nicely fitted out. People love us because they like a bargain. Our customers are canny people. We are down to earth and our shops are in the middle of the community. People take to us.”

Tofs’ best sellers include upmarket brands such as Clinique, Elizabeth Arden and all the mainstream fragrances.

The firm recently announced it has secured a number of new brands including Jean Paul Gaultier fragrances, Great British Bake-Off kitchen products, Slumberland bedroom ranges, Yankee Candle scented candles, Elle sportswear and Hoover electricals.

“We sell most things you can buy in a department store. Customers say: ‘Are they for real?’ as they think they might be fake. We say of course they’re genuine,” said Mr Page.

“We don’t put the same mark up on our products as other stores. We don’t have posh concession units with very well trained staff who do make overs. Often our customers smell and test the products elsewhere and buy from us because we are a damn site cheaper.

“We are a spit and sawdust version of TK Maxx.”

He estimates that Tofs’ prices are between 30 and 70 per cent cheaper than rivals. The Tofs chain also sells clothes made by high street fashion chains with the labels cut out. The stock is predominantly garments that other retailers can’t sell at the end of the season.

Mr Page said that Tofs attracts customers who don’t want the hassle of visiting a big shopping centre.

“It’s young mum and dads who don’t want the hubbub of a high street,” he said.

“We tend not to be in big cities and we don’t want to pay big rents. We are looking at areas with 15,000 to 20,000 people, places like Otley and Keighley. It could be a garage that’s closed down. We offer £15,000 to anyone that gives us a site that we go on to open.

“We’re looking at 3,000 sq ft to 10,000 sq ft of selling space. The average is between 6,000 to 7,000 sq ft. We have shops that are ex nightclubs and car dealerships. We try to work with places that are closing down.”

He said that the group’s latest new opening in Maltby near Rotherham is trading well.

“The store has really taken off. Typically we won’t attract teenagers who want somewhere cool. We are not swish or swanky although we do well in upmarket places like Ilkley. Everyone likes the joy of a bargain.”

At results last week it said areas of strength were men’s branded footwear (up 17.7 per cent), living (up 9 per cent), and beauty (up 7.3 per cent).

Mr Page said: “We believe that our success lays testament to the powerful customer proposition which we’re delivering - bringing well-loved brands at discount prices to Britain’s communities.”

The group declined to comment on recent speculation that it could float or be sold.

It was bought by private equity firm Duke Street Capital in 2008 and there has been speculation that Duke Street has appointed investment bank Rothschild to conduct a strategic review.

Established in Keighley in 1969, ​Tofs has more than 210 stores operating in local markets and over 2,800 employees.

The Keighley store still stands and proudly has the store number ‘001’.