Epic Stores Corp (OTCMKTS:EPSC) has moved to lower its operation costs by consolidating three of its 10 store locations. The consolidation appears to have been triggered by the level of saturation in the second-hand retail business, which has forced the company to align its operations to see if the same will have any impact on earnings. By becoming lean, the company also hopes to bolster efficiency.
Cost Saving Drive
The handler of second-hand goods is hoping to achieve a break-even financial position at the back of the consolidation efforts this year. The same should also go a long way in helping the firm optimize its inventory level per square foot of space, while also helping bolster management attention per store.
A number of retail chains dealing in second-hand goods have also trimmed their retail chain size in the recent past as part of an ongoing cost saving initiative. Phoenix has been the most affected, a number of retail and restaurant chains having already trimmed their footprint size. Epic Stores maintains that even with the reduced footprint size, it should be able to achieve its sales target for the year especially with more disparate locations that are not competing against each other.
Amidst the consolidation drive, Epic Store is also looking to expand into the east especially in Texas where demand for second-hand goods is high. The market in the state remains underserved even as the market continues to grow at double-digit rates presenting unique opportunities for growth. The retail outlet is also progressing well with its expansion drive in the San Antonio area.
In addition to the pursuit of opportunities in San Antonio, Epic Stores Corp (OTCMKTS:EPSC) is also looking to grow its footprint in Las Vegas having already built a product supply relationship with Las Vegas Rescue Mission. The agreement is for the supply of up 100,000 pounds worth of quality clothing, furniture, and other miscellaneous products.
Life Clips Inc (OTCMKTS:LCLP) Set To Enter Brazilian Market
Life Clips Inc (OTCMKTS:LCLP) has announced the signing of a distribution agreement with BConnexion in Brazil. The agreement has been valued at a total of $800,000 and calls for an annual minimum quota of 500,000 Mobeego units from LCLP. However, BConnexion is expected to maintain quarterly quotas, to continue the agreement. The CEO of Life Clips, Bob Gruder, claimed that the agreement opened doors for more opportunity in Latin America. He pointed out that Mobeego units operate on a recyclable battery, which makes it a great fit for the green solutions provided by BConnexion.
Mr. Gruder was of the view that the market for smartphones in the region is expected to grow exponentially very soon and it was vital that LCLP established a market before the boom phase. It is important to note here that a recent market research suggested that by 2020, 68% of all connections in the region would be through smartphones. He also pointed out that BConnexion had a strong footing and network, which LCLP could capitalize on.