2. Introduction
Partnership has been at the very heart of Specsavers since it was founded
in 1984.
Though no one at that time could have predicted the success of Specsavers,
there was a clear belief in what mattered: a business that would provide
local practitioners with exceptional support services; sharp customer focus
to deliver the very best price, service, quality and choice; and an unrelenting
drive for results, keeping it simple, getting it done and delivering on
our promises.
The Specsavers Partnership has flourished because roles are clearly defined.
Specsavers provides support to each store by delivering world-class product
via an agile supply chain, award-winning marketing, reliable IT systems and
a wealth of training and development. This frees up store teams to focus on
what matters most – providing the very best clinical care and service
to customers.
In turn, store businesses prosper, as experienced and commercially minded
individuals can profit from their own hard work.
Today Specsavers is the number one optical retailer in eight of our 10
markets and is driving business growth across the group despite tough
economic times.
Our global success story continues. Contact us today to discuss how you
can be part of it.
3. 02 / 03
4 FactsabouttheSpecsaversPartnership
6 Partnership
8 World-classproduct
11 Championingprofessionalism
13 Partner communication and feedback
14 Passionate about people
16 Anaward-winningbrand
18 Oursuccessstory
22 First-class business support
24 The joint venture partnership model
28 Joining the Partnership
Contents
4. 04 / 05
Specsavers is the
world’s largest
private optical
retailer, selling
a pair of glasses
somewhere in
the world every
six seconds
Specsavers is the market
leader in both Australia
and New Zealand – with
more consumers choosing
to have their eyes tested
and buy their prescription
glasses and contact lenses
from Specsavers than from
anyone else (source: Roy Morgan Research)
In 2013/14
Specsavers in
Australia and New
Zealand recorded
revenue growth of
more than 10%
From a zero start
in 2008, Specsavers
in Australia and
New Zealand recorded
revenues of more
than AUD 610m and
NZD 90m respectively
in 2013/14
Specsavers’ annual
marketing budget
in Australia is more
than AUD 35m – in
2006 the combined
marketingspendofthe
entire optical industry
was just AUD 6m
Specsavers has won a
range of awards in Australia
in the past two years –
including Australian Retailer
of the Year, Franchisor of
the Year, Retail Employer
of the Year, Multichannel
Retailer of the Year and
Retail Innovator of the Year
Specsavers’ Port
Melbourne glazing
lab dispatches more
than 70,000 pairs of
glasses each week to
our Australian and
New Zealand store
networks – almost 4
million pairs each year
SpecsaversOptometrists
inAustraliaandNew
Zealandraisedmorethan
AUD1min2013and2014
foreyecarecharityThe
FredHollowsFoundation
–storesalsogiveongoing
fund-raisingsupportto
localgoodcausesand
communitygroups
Facts about the
Specsavers Partnership
Total revenue 2013/14
£
Total number
of partners
Total number
of employees
Total number of optical
stores and hearing centres
% increase on
revenue 2012/13
Total number of contact
lenses sold 2013/14
Total number of
hearing aids sold
* Hearing care services are also available in 586 of our UK optical stores,
30 of our ROI optical stores and 110 of our Dutch optical stores.
UK
ROI
Netherlands
Sweden
Norway
Denmark
Spain
Finland
Australia
New Zealand
Total revenue end of 2013/14
optical hearing
UK
ROI
Netherlands
Sweden
Norway
Denmark
Spain
Finland
Australia
New Zealand
*
*
*
Number of stores at end of 2013/14
1984
1990
1997
2004
2005
2005
2006
2007
2008
2008
UK
Specsavers
Opticians
ROI
Specsavers
Opticians
Netherlands
Specsavers
Opticiens
Sweden
Specsavers
Optik
Norway
Specsavers
Optikk
Denm
ark
Louis
Nielsen
Spain
Specsavers
Opticas
Finland
Specsavers
Optikko
Australia
Specsavers
Optometrists
New
Zealand
Specsavers
Optometrists
Firststore
Total number of
frames sold 2013/14
£1,070m
£63.7m
£84.8m
£72.2m
£368.2m
£84.4m
£50.5m
£29.3m
£4.2m
£89.7m
112
74
77
8
47
292
53
46
692
118
138
10
44
2,700+ 30,000+ 15.4 million+
1.9 billion 1,711 7.8% 203,000+
380 million
5. Purchasing and distribution
Specsavers purchases millions of frames each year.
This enables stores to obtain stock at very competitive
prices, so they can profitably provide the value-for-
money service for which Specsavers is renowned.
Buyers travel worldwide, regularly updating the overall
range of more than 1,500 frame styles. Our state-of-
the-art warehouse uses sales information supplied
electronically from the stores. This enables ranges
tailored to each geographic market to reach stores
at the right time.
Customer focus
We want Specsavers customers to be customers for life,
which means building their trust and offering the very
best in value – not just low prices but first-class quality,
great service and exceptional care.
At the Specsavers Partnership, we are passionate
about best value for everyone. There are now around
29 million registered customers worldwide – a fantastic
endorsement of Specsavers’ retail offer.
Our ‘green blood’ culture
Specsavers is an entrepreneurial business with partnership
at the centre of the way we work. We are part of a fast-
paced industry and, to stay ahead of the competition, we
must anticipate challenges, act quickly and never become
complacent.
The Partnership is based on trust, understanding and
mutual respect, working together to achieve shared goals.
Our values include treating people as we would like to
be treated ourselves, passion for customers, the
Partnership, the communities in which we operate and
passion for results.
06 / 07
Our VisionTo passionately provide best value eyecare to everyone, simply,
clearly and consistently, exceeding customer expectations every time.
Our Values Treat people as we would like to be treated ourselves.
Passionate about:
• Our customers –the lifeblood of our business
• Our people –supporting our staff to be the best they can be
• Partnership –at the heart of everything we do
• Communities –giving back to and working with our local communities
• Results –keep it simple, get it done, deliver on our promises
‘Do everything you can to
experience the Specsavers
culture first-hand. Visit a
store, talk to the partners,
mystery shop if you like.
Research your options,
but do it now. The symbiosis
of professional eyecare
and retail excellence is
brilliantly represented in
the Specsavers model.’
Chris Papatheodorou,
Castle Hill store,
New South Wales, Australia
The growth of Specsavers around the world is in large part
down to the way the Partnership works.
Stability and growth
The Specsavers Partnership has seen increased revenue year
after year. Specsavers’ core strategy of value for money
and outstanding customer service has allowed us to
continue to deliver revenue growth despite ever-fiercer
competition and a turbulent global economy.
Standing still is not an option for us. To protect and build
on our success, the Partnership remains vigilant about the
competition and strives to continue to grow in all markets.
Business support
A variety of support services is on offer to partners to help
them make their store a success. See pages 22 to 28 for
more information.
Protecting partner profits
Specsavers places a priority on maximising long-term store
profitability and the value of each and every business.
This means that, as one of the largest retailers in many
of our markets, we are in a position to make significant cost
savings in a number of critical areas (for example, product
purchasing, marketing and property), which are passed on
to our joint venture partners.
Partnership
Joint managing director John Perkins addressing more than 1,000
partners at the UK Partners Seminar – an annual partner seminar is run
in each of our markets and constitutes the most important partner event
of the
year with strategic updates, rousing presentations and interactive
Our new business wear, designed with input from store
teams and worn by store staff in the UK, the Republic
of Ireland, the Nordics, Australia and New Zealand.
6. 08 / 09
‘Specsavers is the future
of optics, in my view,
and I was certain that
the concept was going
to be just as successful
in Norway as in England.
Thereis professionalism
at all levels in Specsavers,
right down to the smallest
detail, from the head
office to frames.
Specsavers is a chain
that knows what it is
all about, so if you get
the chance – takeit.’
Tore Syvertsen,
Øvre Slottsgate store, Norway
Delivering more choice
Deciding which designer frames to offer in which
market is a collaborative process between our global
buying team and local product managers, with input
from partners through our frame user groups.
The Specsavers Partnership offers customers in all
markets an exclusive range of well-known designer
brands including Replay, Karen Millen and Quiksilver.
We also stock a selection of locally-relevant brands
such as Gok Wan and John Rocha in the UK, Bruuns
Bazaar and Tiger of Sweden in the Nordics, Collette
Dinnigan and Alex Perry in Australia, and Spijkers
en Spijkers and Francisco van Benthum in the
Netherlands. And we offer a number of kids’ brands,
depending on the market, including Disney Princess,
Star Wars, Moshi Monsters, Lego and The Gruffalo.
We invest heavily in our own-brand range of frames.
Offering value for money at a range of prices, the
Specsavers range includes frames for men, women
and kids and comes in a variety of colourways, styles
and sizes. Our buyers attend major optical fairs,
conduct research and draw inspiration from the very
latest fashion trends to ensure the range stays fresh,
exciting and relevant. The sheer scale of our business
allows us to offer more than 1,500 frame styles to our
stores globally, with new stock typically arriving every
six to eight weeks.
In 2013/14 the Specsavers Partnership sold around 380 million
contact lenses. Continuing investment in contact lens technology
ensures the latest products are launched as early as possible.
Since Specsavers introduced the
world’s first range of silicone
hydrogel contact lenses in 2011, they
have proved so popular they now
account for more than 75% of the
Group’s monthly lenses sales. Our
own contact lens brand, easyvision,
is the most known on the UK high
street, with good brand awareness
in our other markets.
World-class product
Daily disposable easyvision magic, the world’s flattest contact
lens, which launched in the UK, the Republic of Ireland, the
Netherlands and the Nordics in 2013.
Exclusive brands available globally
7. Championing
professionalism
Lab staff checking quality at one of
our manufacturing and distribution
sites in Kidderminster, UK.
The Specsavers supply chain
To meet the ever-evolving needs of stores, the Specsavers
Partnership has developed a robust supply chain by
investing with partners in a variety of manufacturing and
distribution sites.
These sites provide a dedicated service to meet the
ophthalmic lens requirements of Specsavers stores.
Surfacing laboratories are equipped to a high specification
to supply Specsavers stores with quality surfaced PENTAX
lenses at competitive prices. Prescription lenses can be
treated in-house using the latest technology. Barcoding
and computerised chasing systems contribute to high
service levels.
The geographical spread of the supply chain, which
includes some of the largest manufacturing and
distribution sites in Europe and Asia Pacific, allows the
Group to supply product to stores across our markets
quickly, reliably and competitively. All our established sites
are now accredited with the Carl Zeiss Vision three-star
standard of operational excellence – an unparalleled result
in the industry. And our rigorous quality and service-level
guarantees continue to ensure outstanding service to our
stores, with less than 0.2% of glasses now being returned
to our sites due to error or failure of quality.
Our hearing aid suppliers are approved to ISO 9001, with
all products CE-marked and guaranteed for seven years
from the time of manufacture.
Assuring the highest standards
We make no compromises on the safety of our product.
Specsavers’ quality assurance team, based in Hong
Kong, works closely with manufacturers to ensure
quality and safety standards are met at every stage of
frame development. To see this through to completion,
every one of our frames is hand finished to exacting
standards.
Specsavers’ buying team works with leading optical
manufacturers across Europe, Asia and North America
to source, design and develop the Group’s frame ranges.
Many of these suppliers have worked with Specsavers
for over 25 years. It is because the Group has forged
such strong business ties with our suppliers that we
can enjoy ready access to their design teams, giving us
some of the shortest lead times in the industry.
Our ethical trading policy demands high standards
of suppliers, often exceeding the requirements of
local law. Suppliers globally are regularly audited
by an external company on a range of issues from
management of industrial processes to minimising
impact on the environment, to living and labour
conditions for staff.
As a business founded by optometrists, we are
proud of our reputation for professional and clinical
excellence. We recognise that customers’ needs
differ but we aim to deliver the same high standards
of clinical care to all, through a commitment to
continuous improvement.
Pushing the agenda
The Specsavers Partnership has representation on
major professional bodies, including the European
Council of Optometry and Optics, which allows us to
contribute to industry debate and decision-making. In
the Netherlands, where the optical profession remains
unregulated, we are leading a campaign to improve
professional standards of eyecare by protecting the
title of optician.
Professional communications
Our flagship professional advancement conference,
established 18 years ago, is the largest of its kind in
Europe. Now adapted and launched in other markets,
this annual event offers Specsavers practitioners the
chance to hear from leading industry experts about
the very latest developments in their profession, as
well as to network with peers.
Our global professional journal, ProFile, is published
monthly. ProFile includes news, views, training
updates and clinical articles of relevance and interest
to a professional audience.
Featuring sections for both optics and hearing care,
the publication also includes specially commissioned
articles, linking in with our online learning system, that
lead to continuous education and training (CET) points.
Guest speaker at the 2014
Clinical Conference in Australia.
‘IstartedwithSpecsaversasapartneratKnoxin2011,havingbeenwiththeOptical
Superstore for some years. We had 70 square metres and one consulting room. Less
thantwoyearsonwehavemovedintonewpremisesatKnoxwith145square metres,
threeconsultingroomsopenandafourthreadytogo.Havingthenewstoreis just
unbelievable. We can now take our store forward with a real prospect of reaching
AUD 5m annual sales in the next couple of years. A year ago we wouldn’t have
believed that possible – now it’s our goal.’
Sanja Babic, Knox City store, Victoria Australia
10 / 11
8. Partner communication
and feedback
Continuing partner involvement ensures that stores
remain close to customer needs and can react quickly
to changes in the market. Our partners’ insights,
thoughts and views on what happens in store are
absolutely critical to the Partnership’s ongoing
success.
Regular regional meetings are offered to partners
in all our markets to share updates and discuss new
initiatives. These meetings give partners the chance
to network, share best practice, discuss product,
marketing and training issues, and have their say
on the direction of the Specsavers Partnership
through brainstorming and feedback sessions.
An annual seminar is also held in all our markets,
bringing together partners for an invigorating day
of presentations, strategic updates, hot topics and
interactive sessions.
To maintain regular feedback on specific aspects of
store business, regular user groups are also held with
a cross-section of partners. Whether it be discussions
about new frame styles or retail initiatives, IT
infrastructure or business wear, the user groups are
an effective forum for feedback and an invaluable
sounding board for new product, ideas and strategies.
In addition, surveys are also conducted on a regular
basis with partners to find out what is working well in
the partnership and what could be improved.
Customer feedback
Our customer research system, MAZE, enables each
store to receive online feedback from its customers
within 24 hours of their visit.
The insight from MAZE is incredibly important. It allows
partners to discuss the customer feedback with their
store team, and contact any customers who were not
completely satisfied with their experience in store,
to help build closer relationships between the store
and its customers. At a wider level, MAZE offers a true
understanding of what matters to customers, helping
the development of the retail offer and customer-
driven initiatives.
‘OnceyougettheSpecsaversbug,youdon’tloseit.Seriously,thewholeofferisbrilliant:
agreatselectionofglassesandcontactlensescombinedwithfantasticsupportfromthe
centre. In 2002 I took a Saturday job in the Zwolle store. Part-time became full-time
andthenextthingIknew,theZwollestorepartnerencouragedmetotakeaqualification
in optics and contact lenses. The next challenge followed soon after – my own store.
I find it hugely rewarding to manage such an enthusiastic team. I am proud of them
andthesuccesswehavemadeofthestoretogether.’
Bianca van der Weerd, Kampen store, the Netherlands
12 / 13
The tools of the trade
We understand that good equipment is an investment,
not an expense. Standards of care in optometry are
rapidly changing – as is the technology to support
this change. With the aid of experienced procurement
teams, we offer stores the ability to access the best
and latest clinical equipment at competitive prices.
The Specsavers Partnership is one of the few optical
businesses to offer a free digital retinal photography
service to customers, and it is available in all bar
one of our markets. This service reflects a significant
financial investment in fundus camera technology by
our stores, an investment that underlines our stores’
commitment to their customers.
‘TobeafranchisepartnerinSpecsavers,whichmeans
youarepartofabigorganisationbutstillrunningyour
ownbusiness,isexcitingandfunandyoulearn
something
neweveryday.Goodqualityandrightprices–valuefor
money – is a winning concept.’
9. 14 / 15
The right plan of action
Effective development is rarely achieved through a ‘one size fits all’ solution.
Specsavers’ training teams are available to work with partners to assist
them in developing a learning and development plan that is right for their
store – one that links directly to the needs of their team and to the store’s
business plan.
This planning process can be backed up with regular store visits by training
managers to support progress and advise on next steps.
Through this consultative approach, we support partners to develop high-
performing teams in their stores so that they can continue to provide great
customer service and stay ahead of the competition.
Keeping store teams informed
Good communication is key to running a successful business.
In addition to printed publications, operational and business news is
regularly posted on our intranet alongside a wealth of information and
support on all things Specsavers. The intranet also allows partners to share
their views and ideas by adding comments.
Passionate about people
Our people set us apart from the competition. In an
increasingly competitive market, it is absolutely critical
that partners recruit and retain the best staff in their
stores, and invest in their development to keep driving
forward their businesses.
Our Specsavers support offices offer a variety of
services to assist partners in hiring the right people
for all their roles in store. Services available to
partners include a careers website and placing
recruitment ads in trade, local and national press.
Our recruitment specialists also offer guidance to
partners on recruiting their store staff, including
advice on the interview process and market salary
rates, and resources such as template job descriptions
and recruitment documentation.
In most of our markets, regular courses are available
for partners to attend, on both technical and
management skills, such as customer service, product
knowledge, staff recruitment and assessment, and
financial management. There are also workshops on
business leadership and how partners can drive their
store’s profits. Spotlight, a two-day event offered to
partners globally, explores how strong leadership skills
can influence the business for the better, particularly
in the current, challenging economic environment.
A retail development manager
training staff in one of our UK stores.
‘HavingownedaUKSpecsaversstoreinthe90s,Iwasoneofthefirsttogetonboardwhen
Doug Perkins announced he was coming to Australia in 2007. The sales growth at Robina
continuestosurprisemeeverymonth.LastyearwefinishedtheyearasSpecsavers’highest
turnover practice, and in the last few months we have been averaging like-for-like growth
ofmorethan30%.Thevolumeofpeoplecomingintoourstoreisastoundingandrelentless.
Asourturnoverhasincreased,sohasourbottomlineandthepercentagesappeartoremain
consistentasthepracticegrows.Thismeansagreatbottomlineformeasanowner-operator
– a fair reward for all the hard work. You don’t get that reward working for someone else.
With very conservative budgeting, we plan on turning over more than AUD 6m per year
by 2014. I never thought that was possible when I had an independent practice four
years ago. With a new five-room store being planned, the sky is the limit. My advice for
anyone contemplating a Specsavers practice: do it now. UK JVP waiting lists are several
years long and the same will happen here in Australia. Plan big, work hard and Specsavers
willhelpyougainalltherewardsforyourefforts.’
LukeMathers, RobinaStore,Queensland,Australia
11. Our success story
18 / 19
Partners gathering for the first ever UK Partners Seminar.
From humble beginnings on a table-tennis table in
a spare bedroom to the billion-pound multinational
business that it is today, Specsavers has achieved a
considerable amount in its relatively short history.
Husband and wife Doug and Mary Perkins, both
optometrists, sold a small optical chain in the south-west
of England in the early 1980s. They moved to Guernsey in
the Channel Islands, where Mary’s parents lived, and it was
from there that they opened the very first Specsavers store,
on Bristol’s Bond Street, on 14 February 1984.
That store has since been joined by more than 1,750 stores
in the UK, the Republic of Ireland, the Netherlands, Sweden,
Norway, Denmark, Finland, Spain, Australia and New
Zealand. From just two staff working at that table-tennis
table there are now more than 26,000 people employed
within the Specsavers Partnership around the world.
Back in 1984, Doug and Mary realised that for optical
professionals to really be part of the business, they had
to have a stake in its ownership and profits and so they
developed the ground-breaking joint venture partnership
model.
In the early 1980s, the UK Government made the
unprecedented decision to let professional service
providers advertise their products and services. This
transformed the market. That first Specsavers store offered
value-for-money, quality eyecare and clear pricing.
The price tag on the frames included the cost of standard
lenses and additional options were clearly displayed. This
meant that customers knew exactly what they were going
to pay before they got to the till. Our 2 for 1 offer - two pairs
of glasses for one low price – has helped people to see
glasses as a fashion accessory, not just a necessity. 2 for 1
was revolutionary in the optics market when introduced by
Specsavers in 1990.
Today the Specsavers Partnership is the world’s largest
private optical group and the market leader in eight of the
10 countries in which we operate. We are the retail market
leader in contact lenses in the UK and the largest provider
of home delivery contact lenses in Europe. Our retail roll-
out in Australia was possibly the fastest ever for the market,
at its peak opening 100 new stores in as many days.
Specsavers Hearing Centres, which operates in the UK, the
Republic of Ireland and the Netherlands, is now doing for
hearing what we have already achieved in optics – offering
customers dramatically reduced prices and waiting times
and making audiology more accessible for everyone. The
introduction in 2012 of AQP (Any Qualified Provider) in
England, which gives NHS patients more freedom to choose
where they go for their hearing care, provides a fantastic
opportunity for our hearing care businesses to expand
significantly in the coming years.
The Specsavers Group remains family-owned, led by
Doug and Mary with son John as joint managing director,
daughter Julie as country director in the Netherlands and
daughter Cathy working as an audit manager.
12. 1984 1996 1997
2002
2005
2006
2003
2007 2008
2009 THEFUTURE...2010
2004
1999
1988
20 / 21
Opens first Specsavers Opticians in
Bristol, England, followed by Guernsey,
Swansea, Bath and Plymouth
Opens contact lens centre
in Plymouth, England
Opens first international
store in Haarlem,
the Netherlands
Voted most trusted brand of opticians by
Reader’s Digest, an accolade that we go
on to win 11 years in a row
Launches in Norway as Specsavers
Optikk and buys the Louis Nielsen
chain in Denmark
Introduces PENTAX lenses with all glasses Opens in Spain as Specsavers Opticas
Becomes an official ‘Consumer
Superbrand’ (source: Superbrands)
Opens 500th store
Launches ‘Should’ve gone to
Specsavers’ strapline in the UK
Sets up a supply chain in Australia, supplying independent
optometrists with frames and lenses
Arrives in Finland as Specsavers Optikko
Opens first hearing centres in the Netherlands
Mary Perkins is made a Dame Commander of the Order of the
British Empire and wins Most Outstanding Business Woman at
the National Business Awards in the UK
Launches in Australia as Specsavers
Optometrists, with 150 stores opened by the
end of the year
Opens 1,000th store
Opens first Specsavers Optometrists store
in New Zealand
Specsavers Optical Group
celebrates 25 years in business
Becomes market leader
in New Zealand
Expands into Sweden as Specsavers
Blic Optik, after acquiring the Blic
optical group
Expands into hearing care, opening first
Specsavers Hearing Centres in the UK
Opens flagship store in
Tottenham Court Road,
London, England
Opens 100th store
2011Becomes market
leader in Australia
2012Opens 1,500th optical store
Specsavers Hearing Centres wins all 25 contracts
offered by the NHS to date, to be a ‘qualified provider’
of hearing care for NHS patients in the UK
2013
Acquires UK domiciliary eyecare
business Healthcall
13. • Accounting and administration services, including
weekly payroll and accounts payable service
for each store, monthly management accounts,
preparation of annual financial statements, ASIC,
annual returns and profit distributions
• Retail Advancement Meetings at least four times
each year to ensure that all store partners have
the opportunity for two-way consultation on all
new initiatives
Passion
If one word – above all others – describes what the
Specsavers Partnership is all about, it is ‘passion’. Our
ethos from day one has been to passionately provide
affordable eyecare to all. As an optometrist-led
business, we have a passion for professionalism.
We believe passionately in regular face-to-face
communication meetings between store partners and
the support office team. We believe passionately in
providing the most advanced planning and support
toolbox. And we believe passionately in the world-
class ‘partnership’ philosophy of our store ownership
program. It is the passion behind the program that
gives us the leadership position in community
optometry.
Continuous improvement
The success of our unique store ownership model
speaks for itself. Worldwide, we now have more than
1,750 stores. Our in-country support teams include a
fast-growing support staff of more than 450 people
based in Australia and New Zealand.
Each store learns from the successes of other stores,
communicated via the support team, so that the bar
is continually being raised with New Zealand and
Australian stores benefiting directly from established
best practice. And the passion shown by Australian
and New Zealand partners has been such that best
practice is now being developed here – and exported
to other Specsavers countries of operation for
adoption in their businesses.
22 / 23
First-class business support
23 / 24
Partners can be assured of first-class support from
the moment they join their store. This is at the
heart of the Specsavers Partnership – combining
entrepreneurial professionals with a broad and
expanding range of business support services and a
successful international brand.
These services include:
• Product, supply chain and procurement including
a world-class range of more than 1,400 frame
styles and colours, designer brands, PENTAX and
Transitions lenses and Specsavers contact lenses; a
broad range of optical equipment at the best prices
• Marketing services including TV, radio, press and
online advertising, direct mail and recall, public
relations, point-of-sale materials and regular local
door drops to millions of homes
• IT and in-store systems including software
development and ongoing software support
• Training and development services including a pre-
launch training program and ongoing professional
development for all team members
14. 24 / 25
So just what is the store partnership opportunity with
Specsavers in NZ and Australia?
Simply put, if you are a commercially minded optometrist,
dispenser or store manager, it is an opportunity for you to
take control of your own future; it’s an opportunity to reap
the profits of the business you work in, while building the
asset as you look forward to life after work.
Before you take the necessary steps to apply for a joint
venture partnership store of your own, it’s important you
understand what is involved – the structure, the benefits
and the costs. Importantly, each new store opened under
our store ownership program is established as a joint
venture between the participating optometry / dispensing
professionals (you) and Specsavers.
The joint venture partnership structure
Each Specsavers joint venture store is an individual legal entity.
For each store established, a new company is formed for which
Class A and Class B shares are issued. Class A shares in the
company are owned by the working joint venture partners (the
optometrist and dispenser / retailer). Typically you and your
working partner split the Class A shares on a 50 / 50 basis
– although in some large stores there may be three Class A
partners, meaning a three-way split of the shares.
Essentially, Class A shareholders are responsible for the day-
to-day management of the store, while we, as the Class B
shareholder, are responsible for providing an agreed range of
support services to the store. The full benefits and obligations
associated with Class A and Class B shareholders are covered
in the formal shareholder agreement.
Despite the demarcations, as Class A and Class B shareholders,
we are all partners in the same business venture.
What does a typical store turn over?
When assessing our store partnership opportunity, it is important
you look at typical examples of Specsavers stores across a
number of markets as well as our projections for Australia and
New Zealand. Australian and New Zealand stores, for example,
are still very much in growth mode, while stores in the UK and
the Republic of Ireland have reached a different level of turnover
and maturity. In all stores, however, growth is expected and
planned for as part of our continuous improvement philosophy.
Specsavers fees and charges
In all Specsavers joint venture partnerships, stores pay us
agreed monthly fees to perform our Class B shareholder
role. The following itemises what support services we supply
in that capacity:
Management fee – intellectual property, brand value,
business development, product and supply chain,
helpdesk – 8% of monthly turnover
Intellectual property and brand value
The Specsavers joint venture partnership model has been built
over more than 30 years and covers everything that we have
learned, implemented and improved since the very first day of
trading back in 1984. The power of the Specsavers Partnership
is invaluable – it forms the backbone of the relationship
between us and our stores.
Without the Partnership, a store is just another optometrist.
With the Partnership, a Specsavers practice is part of one
of the fastest-growing, highest-volume optical networks
in the world.
The power and value of the Partnership go a long way towards
explaining why a Specsavers store, once opened, has never
been closed – unless, of course, it is to move to larger or
better-located premises.
‘I have to say that my initial reaction was ‘Where’s the
catch?’ I now know there isn’t one. I have since trained
in optics and haven’t looked back. Quite simply this is
the best move that I have ever made. My only regret is
that I didn’t make it sooner.’
Mark Walker, Bristol store, UK
The joint venture
partnership model
15. Core training and retail development fee – 1.0%
of monthly turnover
Training and development – All new stores receive the
benefit of Specsavers training programs, tried and tested
across our international network and modelled to suit the
local markets, covering everything from customer service
to in-store systems and processes. We believe in continually
developing our training and the ‘face-to-face’ Specsavers
Training Academy - together with online WebEx training
sessions - add more value to the growing curriculum of
activity. Beyond this we provide a development program to
all stores to help teams and individuals at all levels achieve
the highest degree of service available in any optometry
environment in Australia and New Zealand.
Communications meetings – At least once every quarter
a series of communications meetings is held in key cities
throughout New Zealand and Australia. Led by our senior
support directors, these meetings cover critical topics of
interest to store partners and their key team members.
These include best practice, retail advancement, upcoming
marketing initiatives and implementation processes, to
name but a few. Communication meetings also provide
store partners with an excellent forum for networking
with other store partners.
Accounting fee – 1.5% of monthly turnover
Accounting and administration – Preparation of monthly
management accounts, annual financial statements, annual
returns, profit distributions, accounts payable and the
weekly payroll are often cited as the parts business owners
enjoy least in their daily routines.
Our support team manages these time-consuming and
often complex tasks, allowing joint venture partners to
focus on looking after their customers and developing
their team’s performance.
Health fund relationship management fee (Australia
only) – 0.5% of monthly turnover
Health funds – In the Australian market, health funds have
a demonstrated capacity to direct their members to specific
optical preferred suppliers and partners. Our dedicated
work in developing close working relationships with health
funds is benefiting stores by increasing customer flow in
response to specially designed ‘no gap’ and ‘low out-of-
pocket expenses’ offers.
26 / 27
Business development – Any network of stores depends on growth and momentum.
A key feature of our support service is to continue to develop new partners in new
stores. It is important that every Australian and every New Zealander has easy
access to a Specsavers store and there is a major ongoing investment made by us to
ensure that the right store partners are identified.
Helpdesk – A fully staffed product helpdesk is on hand six days a week, to handle
store orders, queries, and customer and product support.
Product and supply chain – We have an enviable reputation for our world-class
product range and also for our negotiating skills that drive down the cost of
goods. Relationship management with the world’s largest lens, contact lens and
frame manufacturers and designers means store partners in Australia and New
Zealand have access to more than 1,400 of Specsavers’ own frame styles, as well
as designer brands, PENTAX and Transitions lenses and Specsavers contact lenses.
With a focus on innovation as well as cost management, approximately 25%
of our range is refreshed in any 12-month period. Worldwide, in the year ending
February 2012, we supplied 15.4 million frames and around 380 million
contact lenses.
Marketing fund contribution – 6.5% of monthly turnover
Marketing services – Specsavers is a marketing-led business, which gives us an
exceptional recognition rating among consumers in the countries in which we
operate. All stores make a contribution, based on their turnover, into our local
country marketing fund, administered by the Specsavers marketing team on
behalf of the stores. We consult with store partners at quarterly communication
meetings on marketing plans, which subsequently see a full range of activities
undertaken across national, regional and local advertising, direct mail and recall
mailings, public relations, and point-of-sale material development.
Software support fee – 1.5% of monthly turnover
IT and in-store systems – Stores receive the benefit of SOCRATES, our own
customer and store IT system, including ongoing software development and
software support. We have undertaken a complete conversion of SOCRATES
- now a touch screen in-store customer-oriented system - to meet the
requirements of the Australian and New Zealand markets, and an ongoing
program of continuous development and upgrading ensures it will meet
new challenges.
Partners networking at a retail
advancement meeting in Victoria,
Australia – retail advancement meetings
are held every six weeks across Australia
and New Zealand, bringing partners
together to discuss current issues and
plans, to hear about initiatives and to
network with each other.
16. 28
Partnership opportunities
With more than 350 stores already operating in New Zealand and Australia, our
store roll-out plan remains in full swing. So, if you’ve ever thought about applying
for a Specsavers partnership or converting your regional-based independent
practice to Specsavers, why not make the move now? A member of our business
development team is ready to take your call and get the conversation started…
Interested to hear more about opportunities in Australia and New Zealand?
Call:
Raj Sundarjee
Head of Partner Recruitment ANZ
+61 (0) 424 135 485
anz.opportunities@specsavers.com
Alternatively, call:
Carly Parkinson
JVP Recruitment Manager ANZ
+61 (0) 478 201 057
anz.opportunities@specsavers.com
Email: anz.opportunities@specsavers.com
Web (Australia): opportunities.specsavers.com.au
Web (New Zealand): opportunities.specsavers.co.nz
For your assurance, all discussions will be informal and confidential. They are
designed to give you a full understanding of all issues and enable you to make
an informed choice about joining the fastest-growing store partnership program
in Australian and New Zealand optometry.
Some of the services described in this brochure may require you to take advice
on financial matters. Specsavers does not give financial, legal or business advice
to individuals. Prospective store partners should take independent professional
advice on all such issues as recommended under the Australian Franchise Code
of Conduct and the Franchise Association of New Zealand before entering into
any agreement with Specsavers.
Joining the Partnership
17. Specsavers
The G
520 Graham Street
Port Melbourne
Victoria 3207
Australia
Tel +61 (0)3 8645 0700
specsavers.com
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