By James Wells
SYDNEY: Narta managing director, Kay Spencer, has provided her opinion on why the Bing Lee business model, which is about to celebrate 50 years of service, has become one of the iconic brands in the Australian retail market.
In an interview conducted for the March edition of Appliance Retailer magazine, Spencer said the keys to the Bing Lee business has been its ability to continually meet the needs of its market.
“So why has Bing Lee stood the test of time? In a couple of words: Ken Lee. All successful companies have dynamic leaders. Ken’s leadership has stood the test of time. Ken’s motto: ‘Look after your customers and they will come back again and again: that is our good will’,” Spencer said.
Bing Lee is an important member of the $2.5 billion Narta group, and contributed $327 million in turnover for the 12 months ending 30 June 2006. This was a substantial increase from $199 million generated in the 2003 financial year.
According to Bing Lee general manager, Phil Moujaes, the privately-business which is the largest independent electrical retailer in Australia is continuing to grow.
“Sales growth in the first half of this financial year has climbed by 7.5 per cent on like-for-like stores,” said Moujaes.
“We’ve seen this develop with a strong contribution from the sales of LCD TV units, notebooks and IT products, digital imaging and GPS navigation.”
From humble beginnings, the Bing Lee dynasty has grown from a family-staffed electrical sales and repair shop in Fairfield to become an Australian success story with over 35 stores across NSW and the ACT.