Nostalgia has been back in a major way as of late, and many brands and retailers are leaning on their past popularity as selling points for today. We’ve seen successful revivals from brands like Tommy Hilfiger, Champion, and Fila, and one particular Canadian retailer is taking notes.
As reported by Retail-Insider, BiWay is planning on opening new stores over the next two years.
BiWay $10 Store will open in Toronto in August 2019.
The store, which had been a household name in Canada for more than 30 years, is coming back with a twist. While still focused on value, Mal Coven, a retail veteran who helped build the BiWay brand, will be relaunching the brand as a $10 store.
After closing their last location in 2001, the new location will be in North York and will stand at a whopping 7,500-square-feet. It’s set to open in the late summer of 2019.
Everything in store will cost $10 or less.
Shoppers will be able to purchase items in bundles for $10. For example, products can be bought five for $10, four for $10, three for $10, two for $10, or one for $10.
The new BiWay concept will combine merchandising techniques used by fine speciality shops, supermarkets, and original BiWay stores.
But despite low dollar price tags, Coven says that BiWay won’t be selling poor quality items.
He told Retail-Insider that he will be passing savings onto the customers and has $100,000 worth of branded product that he has bought at retail. “I have jackets that they’re selling for $38 and $40. BiWay will sell them for $10. I’ve got 300 jackets. I have shoes from them priced at $26-$28 but we’ll be selling them for $10.
Coven also told CTV News that one of his rules of purchasing is that he would never buy anything that he would be ashamed to bring home to his family. Now that’s a promise of quality goods!
Expect to see five BiWay $10 Stores by the end of 2020.
The BiWay $10 Stores will sell a variety of different products. Shoppers can expect stock to include children, men and ladies’ wear, toys, toiletries, food, and household furnishings.
While some retailers are struggling due to competition in the market, value-focused retailers like Dollarama and Miniso are striving. It will definitely be interesting to see the response of the new BiWay concept stores and how they will standup compared to retailers like Giant Tiger, who will be one of the retailer’s top competitors.
We’ll keep you updated on the store’s progress as more details are revealed. Stay tuned!
Featured Image: Instagram/@charms1969