Latest East Midlands Business News
Nottingham-based drugged street retailer Boots is considering a move into personal banking as part of a drive to create a broader concern, its boss said in an interview today.
Stefano Pessina, executive chairman of the privately-owned League Boots, told the Financial Times that while financial services were not on his immediate "to do" list, he had discussed launching these sorts of products throughout the firm’s 2,600-strong chain of pharmacies and retail stores.
He said: "We are in a market that is not growing by 20% a year....the retail part, of speed, and we have to add services; we have to be very active in order to offer more and more to customers and we have a lot of ideas. We are working on certain ideas."
A move into banking services would run down the lead of Tesco, which has been quick to pounce on rock-bottom consumer confidence in established bank brands.
It recently emerged that Tesco planned to unreserved 30 bank branches in its stores by the end of this year.
Mr Pessina, who teamed up with Kohlberg Kravis Roberts in Europe’s biggest buy-out reckon with two years ago, ruled out moving into cosmetic surgery – "too difficult and too risky" – but he said he had other ideas.
Boots has already added doctors’ surgeries to a disciplinary problem stores while vaccinations against the virus that can cause cervical cancer are available at three stores.
Mr Pessina said an earlier move into laser eye corrigendum surgery and beauty treatments could have worked "but the execution was not fortunate".
He added: "If the execution had been more accurate, probably now Boots would have a complimentary business there. It is probably too...
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