The corona crisis gave the DIY sector a boost, which is also reflected in the annual results of Maxeda, parent company of retail chains Brico and Praxis: sales and profits increased significantly.
Home improvement during lockdowns
Retail group Maxeda, known for Brico in Belgium and Praxis in the Netherlands, saw sales increase by some 12% to 1.562 billion euros last year. Operating profit even increased by 54%, from 111 million euros in 2019 to 171 million euros last year. The group invested 43 million euros in store openings, remodelling and in a new ‘phygital’ concept, but also had to close 5 stores.
The good results are not unexpected: the lockdowns inspired consumers to invest in the improvement of their homes and gardens. The total DIY market grew by 17.7% in the Netherlands and 18.1% in Belgium, according to GfK.
Maxeda is the market leader in Belgium and number two in the Netherlands. The group now operates a total of 341 stores of which 221 are company-owned and 120 are franchised. Brico has 136 outlets, Brico Planit 13 and Praxis 192.