 Megamart logo | |
| Company type | Subsidiary |
|---|---|
| Industry | Retail |
| Founded | 1998 |
| Defunct | 2005 |
Number of locations | 9 stores (2005) |
| Parent | Coles Myer |
Megamart was an Australian chain of stores owned by Coles Myer that sold electrical goods and furniture. It was a sub-store of department store chain Myer, so it was also known as Megamart Your Mega Electrical & Furniture Store by Myer. Some Megamarts were bigger than smaller Myer stores.
In September 1998, Coles Myer open the first Megamart store in Coorparoo, Queensland. [1] By April 2001, there were three stores. [2] At its peak in 2005, the chain had nine stores – four in Victoria, three in New South Wales, one in Queensland and one in Western Australia. [3]
In November 2005, Coles Myer announced it would shut down the Megamart business due to poor performance. According to business reporter Stephen McMahon, the reason Megamart closed was that "Its small footprint meant it struggled to compete with rivals such as Harvey Norman and Dick Smith - while cannibalising Myer's own sales." [3]
All nine Megamart stores stopped trading on 13 November 2005. Six stores were bought out by Harvey Norman [4] while the remaining three were bought by Clive Peeters (which was soon purchased by Harvey Norman itself).