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Retailers with new locations and products can benefit from cash counters

Retailers with new locations and products can benefit from cash counters

Cash counters are important tools that large retailers need to use on a daily basis. These machines become increasingly important when a retailer decides to open more locations, or introduce a new line of products to its offerings.

Furniture retailer Ikea is aiming to accomplish both of those goals in Canada, with the retailer announcing it will double its Canadian store count in upcoming years and launch a pet-specific line of furniture and goods.

Cash counters can ease processing of potentially increased revenues

Marsha Smith, president of IKEA Canada, said the company will open another 12 full-sized locations in the country by 2025, bringing the total number of stores to 24, as reported by the Global Mail. The expansion is intended to be slow because the company extensively researches potential markets before building, hoping to maximize each store's profitability.

"We are slow and steady and that's the recipe that works for us and we'll continue to be that way," Smith told Global Mail.

The furniture retailer has operated in Canada for 40 years and Smith said the expansion is based on the company's belief that customers still value the physical, brick-and-mortar shopping experience. According to the Global Mail, last year Ikea had just over $2 billion in Canadian sales and saw an increase of 12.7 per cent in sales from in-store visits.

The next store scheduled to open will be in Halifax, coming in the fall, with another planned for Quebec City by summer 2018.

An average store has around 9,000 items and the product list has recently increased to include items designed for pets. This Dog's Life reported that IKEA recently launched a new line of dog and cat furniture in stores across Canada, the U.S., France and Japan.

The combination of new stores and the release of new products presents Ikea an opportunity to increase its overall revenue. Using cash counters can help a broadening business efficiently manage its currency processing duties.

November 1, 2017