Harvey Norman Confirms Airport Dick Smith, Move Stores Bid
As exclusively tipped by ChannelNews Gerry Harvey the Chairman of Harvey Norman, has confirmed that the mass retailer is looking to buy the Dick Smith Move stores.
Harvey Norman executive chairman Gerry Harvey confirmed tonight, that they have discussed with Ferrier Hodgson the aquisition of the four Move stores at airports.
Analysts at the mass retailer who is also moving into distribution of consumer electronics are currently crunching the numbers.
The four Move airport stores will continue while the 10 stores in shopping malls are being closed down.
“Every time I’ve looked at an airport business I’ve always run away because the rents and overheads are horrendous,” said Mr Harvey.
“It’s not generally the sort of place I’d like to be, but you have to look,” he said.
“At this stage we’ll just have to figure out how they make money. They turn over a lot but if they don’t make any money it’s not worth it.”
Gerry Harvey said Harvey Norman was better placed to take over the Move airport shops because it was more upmarket than most of its peers and sold premium brands and products, such as stainless steel laptops and rose-gold headphones.
“We have a huge market share in that high priced category – suppliers know that too,” he said.