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Be the first with the news that moves the market- Children’s apparel brand, Peekaboo Beans (CSE:BEAN) has successfully reopened its flagship store location in Tsawwassen Mills Mall
- The company had no choice but to close its doors on March 19, due to the COVID-19 pandemic
- Since reopening on June 2, PK Beans has seen steady sales increases, with a 46 per cent traffic-to-sale conversion rate
- The company is continuing to enjoy a boost from its 2020 Summer Collection launch, and heightened online retail activity
- Peekaboo Beans (BEAN) is up 40 per cent and is currently trading at C$0.035 per share
Children’s apparel brand, Peekaboo Beans (CSE:BEAN) has successfully reopened its flagship store location in Tsawwassen Mills Mall.
Like countless others, the company had to close its brick-and-mortar store in Delta, British Columbia, due to COVID-19. PK Beans called the indefinite closure on March 19 a difficult decision, brought on by challenging and uncertain times.
However, the company was able to reopen its store on June 2, as tentative reopenings starts to occur across Canada. Since then, PK Beans has seen a steady increase in sales, with a 46 per cent traffic-to-sale conversion rate.
This is particularly impressive, considering that the industry standard for traffic-to-sale conversion is 15 to 30 per cent.
The brick-and-store location has accounted for 27 per cent of the company’s revenue for the month of June. The rest has resulted from heightened online retail activity, which PK Beans has been experiencing during the pandemic.
The company has also benefitted from a 23 per cent boost in average margins, after launching its 2020 Summer Collection.
Peekaboo Beans’ President and CEO, Traci Costa, was happy to report the encouraging numbers related to the store’s reopening.
“The value of our product becomes evident when you experience it in person. This is reflected by our conversion rates that we have been tracking since reopening our store.
“Seeing and hearing the negative impacts that COVID-19 is having on the retail industry at this time, I am very excited at the statistics and traffic we’re experiencing both in store and online.
“The quality of our product and customer service experience are exceptional. We are beyond thrilled to be able to welcome back our local community to shop with us in person, as we continue to grow and strengthen our brand,” she said.
PK Beans has stated that its store is adhering to COVID-19 health and safety guidelines, to protect staff and customers. Implemented measures include available hand sanitiser, social distancing, contactless payment, and extra cleaning protocols.
Peekaboo Beans (BEANS) is up 40 per cent and is trading at C$0.035 per share at 12:40pm EDT.
