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Mitre 10

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Mitre 10 Hardware Group
Company typeCooperative
IndustryRetail/Trade Timber and Hardware
FoundedVictoria, Australia in 1959
FounderTom Molomby, Tom Danaher, Reg Buchanan, Jack Womersley and Ian Nisbet.
Headquarters
Melbourne
,
Australia
Area served
Australia, New Zealand
Key people
Mark Burrowes, C.E.O.
ProductsTimber and Hardware
RevenueIncrease A$1.06 billion (2009)[1]
Increase A$371.6 million (2009)[2]
Number of employees
33,500[2]
Websitehttp://www.mitre10.com.au (Australia) http://www.mitre10.co.nz (New Zealand)
Mitre 10 Solutions store in Wagga Wagga, New South Wales
Mitre 10 Handy store in Yarram, Victoria

Mitre 10 is a retail and trade hardware store chain, with over 700 locations in all states of Australia as well as under 250 in New Zealand. The operations in Australia and New Zealand are two separate companies, each based on a co-operative system where the store owners are members of the national group and each has voting rights. The chain name references the mitre joint, but was inspired by the Mitre Tavern in Melbourne.[3]

In 2008 Mitre 10 was named the number 1 most trusted retail brand in New Zealand by the New Zealand edition of Reader's Digest, and 20th overall, Bunnings Warehouse came in at 61st. Mitre 10 came 17th overall in the 2007 survey.[4][5][6]

History

The move to set up a co-operative group of hardware stores, originated from a meeting held in Victoria, June 1959, with five men who would become Mitre 10's founding fathers — Tom Molomby, Tom Danaher, Reg Buchanan, Jack Womersley and Ian Nisbet. The meeting was held in the Mitre Tavern, and the group eventually hoped to build things up to ten stores, so they decided to call the company Mitre 10.[citation needed] This move occurred specifically to maximise funds and energy with regards to advertising and promotions and to demonstrate that independent operators offered service, advice and competitive prices. The group quickly grew in membership to the point where it required a full time management team.

The new company soon expanded operations, with fifteen New South Wales members joining the group by February 1961. Queensland soon followed with seven retailers, under the chairmanship of Arthur Scurr, joining the cooperative in January 1962, followed by a further sixteen members from Newcastle in October the same year. With the company successfully operational in the three Eastern states by the end of 1962 and South Australia and Western Australia soon running their own state based co-operatives, attentions turned to crossing the Tasman.[citation needed] After initial early discussions in Auckland, Mitre 10 New Zealand was established on June 20, 1974.

In 2004 Mitre 10 opened its first "destination hardware, or "Big-box" chain at Hastings, New Zealand in February 2004[7], the first Australian Mega open on the 10th June, 2004 at Chelsea Heights.[8]

In late 2008 Woolworths Limited and Mitre 10 were in talks of to acquire the company. The Australian Financial Review reported Mitre 10 had held talks with other companies since beginning to find a major buyer or investor, although in early 2009 Woolworths decided the company structure was to complex for a takeover. Mitre 10 is believed to be in talks with Metcash Trading, owner of IGA and various liquor stores, analysts say Metcash had been on lookout for a ‘fourth pillar’ for some time to add to its operations, and that Mitre 10 may be perfect.[9]

Store types

File:ChelseaheightsMega.jpg
Chelsea Heights Mitre 10 Mega store front
Lilydale Mitre 10 Mega store front

Mitre 10 Mega

Mega is Mitre 10's "destination hardware, or "Big-box" chain designed as a one stop shop for big projects, to compete with Bunnings Warehouse. The main focus of the Mega is customer service, it markets itself as "All the help you need", stores have customer service attendants stationed in different departments of the store ie, plumbing, trade timber, paint, the majority of these have a trade qualification.[10] The first Mitre 10 Mega was open at Hastings, New Zealand in February 2004, after three years of researching U.S. home improvement retailers Lowes and The Home Depot.[11] Mitre 10 Australia opened its first Mega on the 10th June, 2004 at Chelsea Heights.[12]

Current situation of Australian Mega stores

In 2007 there were seven Mega stores across Australia, one in Queensland, one in South Australia and five in Victoria, Mitre 10 Australia originally had planned to have opened 50 Mega stores across the country in metropolitan and regional hubs by the end of 2009.[13] As at August 2009 three stores have closed the Ringwood, Victoria store closed due to financial difficulty, with the store employing over 130 people[14], while the Campbellfield, Victoria store was closed in March 2009 due to the building having structural problems, the store employed 54 people, with the closure staff were redeployed to other stores.[15] The Modbury, South Australia Mega store was bought by Bunnings Warehouse in January 2007.[16] Hardy's Mitre 10 Mega in Pakenham, Victoria being the only store redeveloped from a smaller Mitre 10 Home and Trade store, still trading, with plans to expand.[17] Four Mega stores are still operating in Australia, one in Beenleigh, Queensland, Pakenham, Victoria, Lilydale, Victoria, and Chelsea Heights, Victoria. There are currently plans to expand with the opening of more Mega stores.[18][19]


References

  1. ^ Mitre 10 Australia's revenue increased
  2. ^ IBISworld.com.au Mitre 10 Australia Ltd - Profile Report
  3. ^ About us- Mitre10.com.au
  4. ^ Mitre 10 New Zealand most trusted brand
  5. ^ Readers Digest New Zealand: 2008 New Zealand's Most Trusted Brands – Category Winners & Top Performers List
  6. ^ Readers Digest New Zealand: Brands - How they scored
  7. ^ Mitre 10 Mega Hastings open
  8. ^ Mitre 10 Autralia opens Chelsea Heights MEGA
  9. ^ Metcash a potential suitor for Mitre 10?
  10. ^ 15% Mitre 10 staff are tradies
  11. ^ Mitre 10 execs tour US stores
  12. ^ Mitre 10 Autralia opens Chelsea Heights MEGA
  13. ^ Mitre 10 Selects Pronto Software for ERP Solution for New MEGA Stores
  14. ^ Mitre 10 Megastore comes to Ringwood, Maroondah Leader
  15. ^ Campbellfield Mega closes doors
  16. ^ Regulator reviews Bunnings acquisitions of Major Competitor
  17. ^ Mitre 10 Mega Pakenham extentions coming
  18. ^ Mitre 10 announces two more MEGA stores for Victoria
  19. ^ Interview with Bernie Bicknell
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