Gadget retail store invests £350,000 in expansion
New price monitoring software developed by Technology Recycle Group (TRG) is driving a £350,000 investment in Gadget retail store Tech Repair House (TRH).
TRG has raised around £50,000 from shareholders and created the algorithm that monitors the pricing of TRH’s competitors, altering its in-store pricing in real time to be cheaper.
Five further stores are planned for the South East within the next 12 months with founder, Sam Hargreaves joining Mark Harrison to set up the business that has the backing of investors James Shakespeare and Alister Milne.
Harrison has eight years experience running his own chain of retail stores called 24-7 Games.
The first store is scheduled to be open in weeks and uses small screens next to products on sale that update in real time depending on any changes that competitors make as well as market trends.
TRH buys, sells and repairs any gadget that is brought in and predominantly deals with mobiles and tablets. TRH founder Sam Hargreaves said: “Tech Repair House has been founded to shake up the electronics retail industry.
“On average, Tech Repair House will offer 20 per cent more on buyback and will be 30 per cent cheaper on sale prices compared with CeX alone thanks to our technology which means we will always have the edge on our competitors.”