Connect with us

Hi, what are you looking for?

Wednesday, Jun 29, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Fire & Flower opens 100th store, has 360,000 loyalty members

The Canadian retailer is aggressively expanding, to reach more consumers online and south of the border

Fire & Flower opens 100th store, has 360,000 loyalty members -
The company says it's putting a strong emphasis on digital engagement.

One of Canada’s largest cannabis retailers, Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF), has become the country’s second company to open 100 pot shops.

In a statement Thursday, the firm said it opened its 100th store in Scarborough, Ont. Competitor High Tide Inc. (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA) opened its 100th store in September in Windsor, Ont.

On top of its large bricks-and-mortar footprint, Fire & Flower has been aggressively expanding its presence online. In August, the company said it was buying websites PotGuide for US$8.5 million and Wikileaf for C$7.5 million.

“Fire & Flower is evolving to take a greater focus on digital engagement with customers,” reads a statement.

Now, the firm says Canadian customers can shop for weed products via those websites, with orders fulfilled by its retail network that includes Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox stores.

Purchases are available for delivery in B.C., Ontario, Manitoba and Saskatchewan. Alberta is also set to hand over delivery and online sales to private sellers.

Read more: Fire & Flower buying PotGuide for US$8.5 million

Read more: Alberta set to give private pot shops reign over delivery and online sales

Fire & Flower is also reporting strong participation in its Sparks Perks loyalty program, with 360,000 members. The company says that members spend on average 31-per-cent more than non-members.

The milestone of exceeding 100 corporate-owned stores allows Fire & Flower to serve customers in every Canadian market where private cannabis retail is allowed, CEO Trevor Fencott said in a statement.

As we evolve our business, we look to driving traffic to our stores through e-commerce and convenience retail. An omni-channel, convenience-oriented strategy offers a clear value proposition to our customers and is aligned with our strategic partner, Alimentation Couche-Tard, owner of Circle K.”

In October, the company revealed a deal to add Fire & Flower stores near Canadian Circle K locations.

Read more: Fire & Flower adding new stores near Canadian Circle Ks

It’s since expanded that co-location program, which Fencott says will amplify the ability to build a large, cost-effective network that’s strategically placed near convenience hubs to generate high retail traffic.

It also has an in-house data platform, Hifyre, which the firm says allows it a more personalized and customer-centric retail experience, by building a real-time understanding of consumer preferences.

With a Fire & Flower-branded store opening in California in August, the company plans to enter the U.S. via a licensing deal. On Monday, the firm said it was consolidating its shares to list on the Nasdaq.

Company stock fell around 4 per cent Thursday to $5.21 on the Toronto Stock Exchange.

Read more: Fire & Flower plants roots in US with Palm Springs store

Read more: Fire & Flower consolidating shares for Nasdaq listing

 

Follow Mugglehead on Twitter

Like Mugglehead on Facebook

Follow Nick Laba on Twitter

nick@mugglehead.com

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Health and Safety

Science doesn't know yet, but one psychedelic researcher is chasing clues to see if it can

Canada

As more medium-to-small producers came into play this year, great weed started hitting legal shelves at fairer prices

Culture

Punishments for possession include caning and the death penalty. Despite a global trend of reform, The Fine City remains staunch in its anti-drug stance

Analysis

While legal weed businesses decry enforcement of their accounts, the platform says it's keeping its all-ages community safe