By James Wells
MELBOURNE: Clive Peeters managing director, Greg Smith, has told Current.com.au he plans to open a total of 100 stores within the next 10 years with a potential overall turnover of $2 billion.
“We currently have 48 stores turning over $600 million,” Smith told Current.com.au.
“We have identified sites for up to 100 stores nationally over the next 10 years and we are positioned favourably when you compare us to a mature business like Harvey Norman. Our other competitors are also reaching maturity with The Good Guys at 90 stores and JB Hi-Fi already over 100 stores.
“We are the best poised of all national chains to roll out more stores and obtain the benefits of leveraging head office costs. We are in this for the long haul and 10 years down the track the business will be a major player with turnover between $1.5 billion and $2 billion,” Smith said.
“If you look back four years ago, JB Hi-Fi was in the same position that Clive Peeters is in at the moment. They had a clean model and they knew what they wanted to do. That’s the opportunity that we have and we know where we sit in the market. We have a gap in the market with a replicable model and I see no reason why that won’t work.
“To achieve this goal we need to take share from someone and to do that we have to prove that we have a good business model that is relevant to consumers.”