Cool Holdings Announces the Relocation of its Simply Mac Store in Rogers, Arkansas

Rhea-AI Summary

Cool Holdings, Inc. (OTCQB: AWSM) has announced the relocation and grand opening of its Simply Mac store in Rogers, Arkansas, a 2,025 square foot Apple Premier Partner Store. The new location, situated at Tuscany Square Shopping Center, enables Cool Holdings to offer a full range of Apple products, services, and financing options. This relocation reduces total occupancy costs by 57%, expected to enhance profitability. CEO Reinier Voigt emphasized the strategic criteria behind site selection, targeting growth in the Northwest Arkansas market, known for its rapid growth and proximity to major universities.

Positive

• Occupancy cost reduction of 57% enhances profitability.
• New location remains in a rapidly growing market in Northwest Arkansas.
• Store offers a complete suite of Apple products and services.

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• None.

MIAMI, Oct. 2, 2020 /PRNewswire/ -- Cool Holdings, Inc. (OTCQB: AWSM) (the "Company" or "Cool Holdings") announced the relocation and grand opening of its new Simply Mac retail store in Rogers, Arkansas.  This 2,025 square foot official Apple Premier Partner Store is located in the Tuscany Square Shopping Center at 2603 W. Pleasant Grove Road, Suite 103, Rogers, AR, and will offer the entire suite of Apple products, as well as third party accessories and Simply Mac's signature service and warranty repairs on all product categories by our trained team of Apple-certified technicians.  Simply Mac also offers customer financing and extended warranty coverage on all Apple products.

Commenting on the new Simply Mac store opening, Reinier Voigt, Chief Executive Officer of Cool Holdings, stated: "As part of our effort to re-evaluate all our store locations when coming to the end of a lease term, we have decided to relocate our store in Rogers, Arkansas.  Our new location is less than 3 miles from our old store, but is in a slightly smaller space that better fits our business model.  In addition, our total occupancy cost in the new space is 57% lower than the cost at our previous location, which will improve this store's profitability.  We believe that Rogers will continue to be a good market for us.  It is part of the Northwest Arkansas metropolitan region, that has been listed as one of the fastest growing metro areas in the country.  Rogers is the home of the very first Walmart store, whose world corporate headquarters is located in neighboring Bentonville.  Nearby colleges and universities include the University of Arkansas, Arkansas Community College, Harding University and John Brown University.  We're pleased to remain part of the Rogers landscape where our team of sales professionals and Apple–certified technicians will continue to serve the large number of college students, as well as the entire community of Rogers."

Commenting further, Mr. Voigt stated: "We continue to execute our strategic plan to expand the Simply Mac footprint in North America, taking care to adhere to our established site selection model that includes criteria for local population, median household income, preferable presence of a major university, distance from the nearest Apple store and minimum projected annual operating income.  In addition, all new locations must be approved in advance by Apple.  We remain committed to our mission to provide our customers with transformational experiences that drive long-term customer loyalty, and to improving our profitability to increase shareholder value."

About Cool Holdings, Inc.
Cool Holdings is a Miami-based company that is the parent of Simply Mac, a chain of 40 retail stores operating in 17 states and an authorized reseller under the Apple Premier Partner program of Apple products and other high-profile consumer electronic brands. Additional information can be found on its website at www.coolholdings.com and www.simplymac.com.

Forward-looking and cautionary statements
Forward-looking statements in this press release and all other statements that are not historical facts are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements, including those related to store expansion plans, the offering of the entire suite of Apple products, third party accessories and service and warranty repairs on all product categories in the Rogers Simply Mac store, our ability to open new store locations consistent with our site selection model, our ability to attract and retain new customers, our ability to meet projected operating income, our expectations for future lease rates, our ability to capitalize on operational efficiencies, our supply chain and our customer traffic, involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements, including actions by third parties, including Apple. A list and description of various risk factors related to Cool Holdings, Inc. can be found and reviewed in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, which can be accessed under the Company's profile at www.sec.gov. These forward-looking statements speak only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release, except as required by law.

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SOURCE Cool Holdings, Inc.

FAQ

What is the significance of Cool Holdings' new store location in Rogers, Arkansas?

The new Simply Mac store in Rogers allows Cool Holdings to reduce occupancy costs by 57%, improve profitability, and tap into a growing market.

What products will be available at the new Simply Mac store?

The store will offer the entire suite of Apple products, third-party accessories, and warranty repairs by Apple-certified technicians.

When did Cool Holdings announce the relocation of its Simply Mac store?

Cool Holdings announced the relocation on October 2, 2020.

What are the expected benefits from the new Simply Mac store in Rogers?

The new store location is expected to enhance profitability due to reduced costs, while also serving a large customer base, including college students.