The Discovery Store

The Discovery Store (also known as Must Have It) was a British high-street chain of stores, predominantly selling novelty gadgets, toys and lighting products. It was best known for being led by Phones 4U founder John Caudwell (as part of The Caudwell Group), from 2001 to 2005.

The Discovery Store
FormerlyMust Have It
IndustryGadget shop
Founded1991
Defunct2016
HeadquartersScarborough, North Yorkshire, United Kingdom
Key people
Barry Ricketts, John Caudwell, Geraldine Ricketts, Jonathan James Ricketts
ProductsGadgets, toys, lighting
OwnerAddcore Limited
This article is about the former UK chain of gadget stores. For the American stores owned by the TV network of the same name, see Discovery Channel Store.

History

The business was formed by Barry and Geraldine Ricketts with Alan Mitchell as part of the family-owned Raysun Group Plc in Scarborough, North Yorkshire in 1991, and by the early 2000s had expanded operations across the United Kingdom.[1] In 2001, the Raysun Group placed The Discovery Store's 31 outlets into administration with KPMG.[2]

Later on in 2001, The Discovery Store was bought out of administration for around £30 million by The Caudwell Group, best known for its ownership of Phones 4u.[3] John Caudwell claimed "I am committed to making [the chain] the number one for boys' toys and gadgets in the UK", as well as citing ideas for flagship stores in major city locations.[4] Whilst these large plans would never materialise, the chain would increase by 21 outlets, expanding its size to 52 stores, as well as an increased online presence.[5]

In June 2004, The Discovery Store changed its name to Must Have It (stylised as "must have IT") for unknown reasons, and changed its focus from toys, to just predominantly selling gadgets.[6] Must Have It stopped trading on the high street and online in March 2005, citing difficult Christmas trading, and increased competition from various department stores who had recently entered the gadget market.[7] This is also evidenced as rival chain, The Gadget Shop, also folded a month after in April 2005.[8]

The former logo for Must Have It.

In 2009, The Discovery Store trademark was purchased from The Caudwell Group by Barry and Geraldine Ricketts, who used it to re-open the chain.[9] The business began to trade online and gradually began to start opening high-street locations. In 2012, The Discovery Store went into administration, with the company only proceeding forward online until its demise in 2016.[10]

Legacy

In 2010, when questioned about his biggest business failure, John Caudwell stated that "I put too much effort into running a chain of gadget stores, “Must Have It”, in about 2002. I founded this as a national chain and stuck with it far too long, persevering for maybe two years, but the formula didn’t work."[11]

References
  1. "The Discovery Store Discount Codes, Sales & Cashback Offers". www.topcashback.co.uk. Retrieved 2020-08-05.
  2. "Caudwell buys 31 Discovery outlets". The Telegraph. Retrieved 2020-11-12.
  3. "Caudwell to run Discovery Store". The Telegraph. Retrieved 2020-09-22.
  4. "Caudwell to run Discovery Store". The Telegraph. Retrieved 2020-11-12.
  5. "Must Have It has had it". Retail Week. 2005-02-02. Retrieved 2020-11-12.
  6. "MUST HAVE IT LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 2020-08-05.
  7. "City briefs". The Telegraph. Retrieved 2020-11-11.
  8. Tran, Mark (2005-04-14). "Gadget Shop folds". The Guardian. ISSN 0261-3077. Retrieved 2020-11-11.
  9. https://www.ipo.gov.uk/trademark/history/GB50000000002110812.pdf
  10. "Discovery Store bought out of administration". www.yorkshirepost.co.uk. Retrieved 2020-08-05.
  11. "My First Billion: John Caudwell". Financial Times. Retrieved 2020-11-12.

See also
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