Designer store expands as online sales soar
A Middlesbrough department store is expanding the business after seeing online sales triple in the past year.
Psyche, a designer store, has seen a dramatic rise in shoppers choosing to buy products via their website and online sales now account for half the company’s turnover.
Steve Cochrane, the entrepreneurial owner, is now extending the floor space dedicated to running the website by 5,000 sq feet.
Established 30 years ago, Psyche started out as two small boutique stores, specialising in men and women’s designer clothing.
Now housed in a three-floor building, the top floor is in use as the online-sales headquarters with photography studios for displaying its products online and storage and packing areas.
Mr Cochrane has invested £350,00 in remodelling the store and is now looking to expand the online-sales area to capitalise on the trend for online shopping.
He said: “There’s far more growth potential online than there is in bricks and mortar at present and we’re responding to those shopping habits by increasing our presence online.
“Clive Owen has helped Pysche with strategic business development which has allowed the company to prosper and grow in tough economic conditions.
“Their proactive approach has helped introduce systems and routines to facilitate the realisation of the Psyche business plan.”
Business advisers and accountants Clive Owen & Co have helped in the growth of Psyche for more than 12 years.
The team has advised on issues from raising finance to buy their Linthorpe Road premises and corporation tax issues to strategic planning and payroll.
Chris Beaumont, a partner at Clive Owen, said: “We’re very proud to have worked with Steve and the team at Psyche for more than 12 years and we congratulate him on his 30 years in business.
“We’ve particularly enjoyed supporting Steve’s aspirations and his entrepreneurial vision which has been instrumental in the success of the company.
“The recent growth of the online business is again testament to his energy and ability to respond to the changes within the retail business.
“ Our focus has been to provide fundamental and structured financial support to Steve’s ideas.
“We look forward to more exciting years ahead.”
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