RAPID True Value (RTV) is pumping some $35 million into the renovation of one its largest stores — Portmore RTV — to boost its revenue and customer base.

The company is set to unveil its recent transformation of Portmore RTV today, under the brand Destination Rapid True Value.

Already, RTV has invested over $100 million in the renovation of seven of its fifteen stores islandwide. The renovations are expected to be completed over the next four years.

“Our objective is to create a quality shopping experience for the Portmore community,” Acting Chief Executive Officer Donna Doran told the Caribbean Business Report. “We have already seen significant growth in revenue and customer base from the other stores that have undergone the transformation.”

RTV’s transformation features an expanded product line, including a new shade-house for horticultural and gardening enthusiasts, an upgraded paint centre with new state-of-the-art equipment and new show-room vignettes displaying kitchens, bathroom and kitchen furnishings and tiles.

The store also sports a new look of red and cream, from the traditional red and blue, larger retail floor area and additional parking space.

“We have to find creative ways to stay ahead of competition and so we decided to conduct a detailed analysis of our customers’ shopping patterns and set out to reposition the store to ensure that their needs were met and exceeded,” Doran said.

Over the years, RTV, a division of Hardware and Lumber, has continuously struggled to manage its finances. However, the new strategy may prove to be of some success to the company, with its six-month financial statement ending June 2014 revealing an increase of 7.6 per cent in operating revenue.

The financial showed net losses of $30.6 million down from losses of $54.9 million for the comparative period last year.

RTV blamed its losses on “inflation, weak purchasing power and a sluggish construction industry, which directly impacted the performance of its household, hardware and building products division”.

Hardware and Lumber’s consolidated financials showed a downturn in revenue of $1.7 billion,1.4 per cent lower than the same period last year. However, bottom line improved by 29.6 per cent, moving from $53.2 million to $68.9 million year over year.

“Despite a very competitive trading environment, all divisions performed well, including building supplies, paints, hardware items, tiles, sanitary ware and plumbing supplies,” the financials stated.