By Keri Algar
SYDNEY, NSW: Strathfield and Optus have entered into a new 5-year agreement, with an option for Optus to renew the deal for a further five years.
The new Master Deal Agreement continues the revenue raising arrangement for Strathfield as well as offering a rewards system based on the acquisition and retention of Optus customers, according to a statement released on the Australian Securities Exchange this morning.
It is hoped the deal will provide a platform from which to expand the store and kiosk franchise strategy in key shopping centres and retail precincts.
Strathfield chairman Vaz Hovanessian said, “This is a significant contract and a noteworthy achievement for Strathfield which has only recently emerged from a complete restructure of the Group and together with the return to profitability released in the half Year Accounts it clearly signals the success of the restructure.”
Optus announced its first major deal with the electronics retailer in 2002, effectively ending Telstra’s exclusive monopoly on the retailer, which expired the following year.
Strathfield revenues subsequently fell from $204 million in the 2003-2004 financial year, to $167 million in 2007-2008.
Strathfield appointed Zac Karlaftis as a new director in July this year. Karlaftis had over 10 years at senior positions within Telstra prior to 2003.