The Reject Shop

Last updated

The Reject Shop
Type Public
ASX:  TRS
IndustryDiscount variety retail
Founded1979;44 years ago (1979)
FounderRon Hall & John Shuster [1]
Headquarters
Kensington, Victoria
,
Australia
Number of locations
356
Area served
 Australia
Key people
Andre Reich (CEO)
RevenueIncrease2.svg A$788.2 million (2022)
Increase2.svg A$1.1 million (2020)
Number of employees
5,600
Website rejectshop.com.au OOjs UI icon edit-ltr-progressive.svg

The Reject Shop Limited is an Australian discount variety store chain selling a range of goods such as food, snacks, gift cards and party, health and beauty aids, cleaning supplies, storage, kitchenware, homewares and seasonal items in 375 store locations across Australia.

Contents

Founded in 1979, The Reject Shop employs over 5,000 staff. [2] The group replaced a number of Chickenfeed stores in Tasmania, and took up the space that was left when Retail Adventures closed down.

History

The first store was opened in South Yarra, Melbourne by founders Ron Hall and John Shuster in 1981. [3] This shop sold seconds and discontinued lines, hence The Reject Shop name. [4]

In 1994, the chain became majority owned by Macquarie Bank. It was floated on the Australian Securities Exchange in June 2004. [5] [6] The float was successful, with the company tripling in size two years after going public. [7]

Former Chief Executive Barry Saunders, recruited to the company in 2000 by Macquarie Bank, retired in 2007. [8] He was replaced in May 2007 by Gerry Masters, a former Coles Group executive, after 33 years with his former employer. [9]

On 11 September 2009, it was announced that Gerry Masters had resigned his position as managing director and would be replaced by Chris Bryce, the chief financial officer, effective 14 September 2009.

Despite the strong growth experienced by the company in the years following 2004, a profit warning in December 2010 resulted in a sharp drop in the share price. The company was also affected by the Queensland Floods of 2010, with the company's Ipswich Distribution Centre being flooded. The warehouse became operational once again on 28 August 2011. A similar profit warning in June 2014 resulted in another share drop of 50%, making them one of the top worst performing shares in 2014. [10] [11]

In 2013, the company commenced an aggressive growth plan, following the closure of a number of Retail Adventures stores. The company passed the 300 store milestone in October 2013.

On 8 July 2014, The Reject Shop announced the appointment of Ross Sudano (formerly of Little World Beverages) as chief executive officer. His appointment follows the departure of Chris Bryce in June 2014, after leading a significant growth phase of the business. [12]

In December 2019, the company announced Andre Reich as chief executive officer, effective from 13 January 2020. [13] For the financial year ending 30 June 2020, The Reject Shop posted increased sales of over AUD$820m. [14]

On 2 September 2020 the company in Australia announced a partnership with British supermarket chain Tesco. [15] In October they launched a lowest price guarantee [16]

In November 2020, The Reject Shop launched a partnership with DoorDash. [17]

See also

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References

  1. ↑ "The Reject Shop".
  2. ↑ "Reject Shop Limited". www.ibisworld.com.au. Retrieved 6 October 2018.
  3. ↑ "The Reject Shop".
  4. ↑ "The Reject Shop".
  5. ↑ Reject Shop prepares to float out of bargain basement The Age 19 April 2004
  6. ↑ Reject Shop gears up for June float The Age 29 April 2004
  7. ↑ The Reject Shop goes has tripled in size Sydney Morning Herald 12 June 2006
  8. ↑ Achievements show Saunders is no reject Sydney Morning Herald 16 January 2007.
  9. ↑ Executive who started at the bottom aims to develop a rejection complex The Age 31 May 2007
  10. ↑ "Reject Shop shares drop as profits take hit". Sydney Morning Herald. 10 June 2014. Retrieved 3 July 2014.
  11. ↑ "Worst performing stocks in fiscal 2014". Finance News Network. 1 July 2014. Retrieved 3 July 2014.
  12. ↑ "Reject Shop names Ross Sudano as new chief replacing Chris Bryce". Sydney Morning Herald. 8 July 2014. Retrieved 9 July 2014.
  13. ↑ "Chief Executive Officer Appointment" (PDF). The Reject Shop. 9 December 2019. Retrieved 25 May 2020.
  14. ↑ "The Reject Shop" (PDF). Retrieved 24 September 2020.
  15. ↑ "The-Reject shop introduces surprising new grocery staples". News.com.au. 2 September 2020.
  16. ↑ "The Reject Shop Offers Lowest Price Guarantee".
  17. ↑ The Reject Shop stores hit by CBD exodus Australian Financial Review 3 June 2021

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