Dick Smith to open 77 stores within 3 years

Dick Smith will open 77 new stores within three years following the completion of a final business buyout in July, in both New Zealand and Australia.

The technology retailer, beginning a new chapter under Anchorage Capital, plans to open 17 new outlets before the end of the 2014 financial year.

Owning 323 stores across the ANZ region, the move coincides with the company's turnaround initiative, with Kiwi stores also set for refurbishments as part of a nationwide upgrade.

Speaking about the plans, Dick Smith CEO Nick Abboud also claimed the company will recruit the best talent in the industry.

“For instance we are investing in the development of our sales team through the roll out of our Serve Forward training program, which is designed to ensure Dick Smith is a customer-led business,” he said.

“Through this, we are building a high performance culture that will be highly rewarded for delivery through programs like our CEO Platinum Club and an improved commission structure.”

The Sydney-based retailer, which employs over 4,000 staff, will also ramp up efforts to compete in the mobile space, joining forces with tech giants such as Apple, Samsung and Sony in a bid to provide greater choice for consumers.

Since a takeover from Woolworths in 2012, the company has put in place a stragey to increase operational efficiency, profit margins and growth, with the plans now bearing fruition.

“The Dick Smith business is in a strong financial position with cash in the bank and no net debt," Abboud said last month.

“Based on Dick Smith’s performance over the last six months we are confident the business will continue to experience positive growth and performance as a major player in the Australian consumer electronics industry.”