JB Hi-Fi

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JB Hi-Fi
Public
Traded as ASXJBH
Industry Retail
Founded Keilor East, Victoria, Australia 1974
Headquarters Level 4, Office Tower 2, Chadstone Shopping Centre, Melbourne, Australia
Number of locations
194
(135 "JBHi-Fi" stores + 59 "JBHi-Fi HOME" stores)
Key people
Greg Richards (Chairman)
Richard Murray (CEO)
Products CDs, DVDs, Blu-ray discs, video games, hardware/electronics & large home appliances.
Revenue IncreaseA$4.00 billion (2016)
IncreaseA$152 million (2016)
Website www.jbhifi.com.au

JB Hi-Fi is an Australian and New Zealand retailer of consumer goods, specialising in video games, Blu-rays, DVDs, CDs, electronics/hardware and home appliances.

It is one of the fastest growing and most successful businesses of its kind. JB Hi-Fi's main competitors are Harvey Norman and The Good Guys, as well as Myer, David Jones and Target Australia.

The company (which is publically listed on the ASX) has its Head Office at Chadstone Shopping Centre in Melbourne. There are 112 stores alone combining VIC, NSW, ACT & TAS (South-East Australia).

History[edit]

JB Hi-Fi store in Stockland Rockhampton Shopping Centre, Rockhampton, Queensland
JB Hi-Fi store in Rundle Mall Plaza, Adelaide
JB Hi-Fi store in Wagga Wagga

JB Hi-Fi was established in the Melbourne suburb of Keilor East by John Barbuto in 1975. Barbuto sold the business in 1983 to Richard Bouris & David Rodd who expanded JB Hi-Fi into a chain of ten stores in Melbourne and Sydney turning over $150 million by 2000, when they sold the majority of their holding to private equity. It was subsequently floated on the Australian Stock Exchange in October 2003.[1]

At first, the company specialised in Hi-Fi equipment. As the mainstream popularity of vinyl records declined, in 1991 JB Hi-Fi cleared out their entire stock of records and began offering exclusively CDs, and were one of the first Australian music retailers to do so.[citation needed] (However, due to the recent revival of vinyl records larger stores began to stock them again.) This allowed JB Hi-Fi to open many new stores in Melbourne and later expand to other states. The chain now has stores all around Australia and in New Zealand's largest cities.

Recently, while many music stores claim to have been losing money, JB Hi-Fi has increased profits by 26% FY10 when compared to 2008/2009 as they have been increasing the prices of products by double.[2] JB also specialises in imported CDs, mainly from the United Kingdom and the United States, although CDs from other places, such as Africa, Asia and South America are available on special order.[citation needed]

JB Hi-Fi has diversified its business from predominantly selling music CDs, and are now a major retailer for numerous consumer electronics including Plasma and LCD televisions, audio/visual, digital camera photography, portable audio, in-car entertainment, computer/video games, gaming consoles and accessories, white goods (fridges and freezers) and DVD & Blu-ray movies, gadgets and information technology. As of 2012, JB HiFi has diversified into other accessories at certain stores, such as CB Radios, IP and fixed surveillance camera systems, musical instruments such as guitars, electronic keyboards, Ukuleles and guitars, and professional DJ equipment such as CD mixers, microphones and portable DJ P/A docking systems.

JB Hi-Fi is also the sole retail chain in Australia that sells Dell Computer hardware in retail stores.[3]

In June 2007 that JB Hi-Fi was Australia's biggest CD retailer and is second in terms of sales of computer games, televisions and car stereos.[4]

As of 7 June 2016, the company has 184 stores operating across Australia (ACT 5, NSW 54, NT 2, QLD 36, SA 9, TAS 3, VIC 54 and WA 21).[5] and 15 stores operating in New Zealand.[6]

Acquisitions[edit]

In July 2004, JB Hi-Fi bought 70% of the Clive Anthonys chain in Queensland.[1]

On 13 December 2006, JB Hi-Fi acquired the Hill and Stewart chain of electronics stores selling and operating in New Zealand for NZ$17.5 million (A$15.3 million).

In June 2007, JB Hi-Fi expanded its foothold in the Australian market by opening a Sydney branch of Clive Anthonys at the Home Hub Castle Hill (formerly Supa Centre and The Hills Homemaker Centre) which departed from the market that they had already established a strong presence in as Clive Anthonys specialise in white goods.[citation needed]

In February 2010, JB Hi-Fi ceased to renew leases on Hill and Stewart stores in New Zealand and liquidated the business, citing management's wish to build the JB Hi-Fi brand in New Zealand.[7]

References[edit]

  1. ^ a b "About Us". JB Hi-Fi. 2002. Retrieved 16 February 2007. 
  2. ^ Full Year Results 30 June 2013 – www.jbhifi.com.au
  3. ^ http://www.arnnet.com.au/article/352802/jb_hi-fi_signs_exclusivity_deal_dell/
  4. ^ JB Hi-Fi pumps up volumeThe Sydney Morning Herald, 8 June 2007
  5. ^ "JB Hi-Fi Store Locations (Australia)". JBHifi.com.au. Retrieved 7 June 2016. 
  6. ^ "JB Hi-Fi Store Locations (New Zealand)". JBHiFi.co.nz. Retrieved 7 June 2016. 
  7. ^ Slade, Maria (1 February 2010). "Darkest before dawn for retailers". The New Zealand Herald. Retrieved 11 September 2011. 

External links[edit]