After trading for just a few months, former Dundee United chairman Stephen Thompson now has enough staff to field nine football teams with his new convenience store business.
In launching the venture, he is following in the footsteps of his father Eddie, who built the Morning Noon & Night chain of shops.
This was eventually sold to Scotmid for £30 million in 2004, with Stephen at the helm.
Now Stephen is using this experience to grow his new convenience store business, whose name gives a nod to his father.
Eddy’s Food Station opened its first shop in Alloa in May. It has opened another four shops since August, including sites in Ceres and Leuchars in Fife.
Now a deal has been struck for a sixth shop, in Wellesley Road in Buckhaven, which currently trades as a Day Today. It will rebranded in the new year.
Creating jobs
It takes the workforce of the start-up business to 100 staff. This includes the creation of 40 new jobs.
Stephen said: “We are still a very young company but I’m happy we have some good stores in the estate.
“Convenience retailing hasn’t changed in some ways since my Morning Noon and Night days. EPOS (electronic point of sale) still gives the same headaches as 20 years ago.
“The biggest challenge for anyone in retail is the whole energy crisis – the bills have been horrific. A store that was maybe getting a bill for £2,000 a month, it’s now £10,000.
“It’s also hard to get staff these days, like the whole retail and hospitality sector.”
Stephen Thompson shop strategy
Initially Stephen said his five-year plan is for 30 to 40 stores and 500 staff.
He feels this level of workforce is achievable in that timeframe. Store numbers may be slightly lower as he is now targeting larger stores with higher turnover.
“We want to offer food to go and for that to work you need footfall. To get footfall you need bigger stores,” he said.
“The Buckhaven shop is 4,000 sq ft, our largest shop yet.
“As soon as I saw it, I wanted it to be another Eddy’s Food Station. We want to keep growing in Scotland.”
The Dundee businessman said value ranges were doing well as people battle the cost of living crisis.
But he warned there was no end in sight to food inflation.
He said: “Food inflation is going to go through the roof next year – we’re getting price changes every day.
“How the government thinks inflation is going to come down nationally I have absolutely no idea.”
Stephen Thompson’s top tip
Having traded through recessions before, what’s your advice for firms going through tough times?
Get better at what you’re good at. One thing you notice when you get older is it’s very easy to spend time on things that don’t make you money. We’re all prone to that. Focus on what makes you successful.
