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Coles Supermarkets Australia Pty. Ltd., commonly known as Coles, is an Australian supermarket, retail, and consumer services chain. It was founded in 1914 in the Melbourne suburb of Collingwood by George James (G.J.) Coles, who opened the first Coles Variety Store on Smith Street. The company currently operates 846 supermarkets throughout Australia, including several now-rebranded Bi-Lo stores, and has over 120,000 employees, accounting for around 27% of the Australian market.
| Characteristics | Values |
|---|---|
| Year founded | 1914 |
| Month founded | April |
| Day founded | 9 |
| Suburb founded | Collingwood |
| Street founded | Smith Street |
| Founder | George James (G.J.) Coles |
| Founder's title | Sir |
| Founder's birth year | 1885 |
| Founder's death year | 1977 |
| Number of brothers | 4 |
| Brothers' names | Arthur, Jim, Edgar, Kenneth |
| Half-brother's name | Norman |
| Number of stores founded in 1914 | 1 |
| Number of stores founded by 1924 | 9 |
| Number of stores founded by 1933 | 30 |
| Number of stores founded by 1973 | 846 |
| Number of employees | 120,000+ |
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What You'll Learn
Coles was founded in 1914 by George James (G.J) Coles
In 1914, George James (G.J.) Coles founded Coles Group Limited, which would become Australia's second-largest retailer. G.J. Coles was born in 1885 in Jung Jung, Victoria, and was the eldest son of storekeeper George Coles. After working in Melbourne and the Australian countryside, G.J. Coles bought his father's store in St. James in 1910. He then travelled to the US and Britain to learn about retailing methods and styles.
On April 9, 1914, G.J. Coles opened his first variety store on Smith Street in the Melbourne suburb of Collingwood. The store was an immediate success, selling a range of drapery, crockery, kitchenware, hardware, stationery, and haberdashery goods at fixed prices. The store's slogan, "Satisfaction guaranteed or money cheerfully refunded", was well-received by customers.
G.J. Coles & Co. Pty Ltd was established on July 1, 1921, with G.J. Coles as the managing director. The company expanded rapidly during the 1920s, acquiring more stores and opening a flagship location on Bourke Street in Melbourne's central business district in 1924. This store featured Australia's first in-store cafeteria. By 1927, the company had nine stores in Victoria and total sales of £840,000, leading to its public offering.
G.J. Coles was knighted in 1957 in recognition of his charitable activities, including his contributions to the Howard Florey Institute of Experimental Physiology and Medicine at the University of Melbourne. He passed away in 1977 at the age of 92, having served the company for over 62 years.
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The first store was opened in Smith St, Collingwood
On 9 April 1914, George James (G.J.) Coles opened the first Coles Variety Store on Smith Street in the Melbourne suburb of Collingwood. G.J. Coles & Co. Ltd was founded when George and his brother Jim opened their first 3d, 6d and 1s variety store. The store was inspired by the American 'five and dime' stores, where prices were just two, five or ten cents.
The store was an immediate success, with all stock sold on its first day of trade. The main attraction was an enamel mixing bowl, priced at 1/-. G.J. Coles later wrote, "The opening day was a riot, with women trying to buy our Star Bargain: A 26” deep enamel mixing bowl at 1/-. Our takings were £100 and when we closed the doors at 5:30pm, there were sundry articles of women’s clothing, two hats and a baby among the debris."
The store succeeded by offering a standard range of drapery, crockery, kitchenware, hardware, stationery and haberdashery goods at fixed prices. Coles was able to offer cheaper prices by volume-buying, passing on discounts to customers. The store's slogan, 'Satisfaction guaranteed or money cheerfully refunded', also met wide appeal and survives today.
After Jim's death in World War I, George entered into a partnership with another brother, Arthur, and opened the first 'Nothing over 2s 6d' store. By 1924, their brothers (Sir) Edgar, (Sir) Kenneth, and half-brother (Sir) Norman had also become involved.
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The company went public in 1927
The Australian supermarket, retail, and consumer services chain, Coles, was founded in 1914. The company went public in 1927, after a period of expansion. By 1924, G. J. Coles & Co. had opened a store in Melbourne's central business district, which included Australia's first self-service cafeteria. The company's founder, Sir George James Coles, had previously worked in his father's store business from 1910 to 1913, before opening the first Coles store in 1914.
In the years leading up to 1927, Coles expanded its operations and acquired additional stores. By 1924, the company had nine stores in Victoria and total sales of £840,000. This growth positioned the company well for its public offering.
On October 31, 1927, Coles went public, marking a significant milestone in its history. The company's strong performance and expansion laid the foundation for its public offering, and it continued to thrive and expand its operations in the years that followed.
After going public, Coles continued to pursue growth opportunities. The following year, in 1928, they purchased Cole's Book Arcade on Bourke Street and opened an Art Deco store in its place. This acquisition further solidified the company's presence in Melbourne's central business district.
The 1930s saw Coles opening Australia's first in-store cafeterias, with a visit to the Coles café becoming a popular family outing. The company continued to expand and diversify, with a particular focus on food retailing and supermarkets. By 1969, Coles had opened Australia's first Kmart discount department store in partnership with the U.S. company S.S. Kresge, later known as the Kmart Corporation.
In summary, the company's public offering in 1927 was a result of its successful expansion in the preceding years, and it continued to pursue growth opportunities and diversify its offerings in the decades that followed.
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Coles merged with Myer Emporium in 1985
Coles was founded in 1914 by George Coles, who opened the "'Coles Variety Store'" in Melbourne's Collingwood suburb. Over the years, Coles expanded, acquiring several grocery stores and entering the food retailing market.
In 1985, Coles merged with Myer Emporium Ltd. (Myer), a Melbourne-based retailer, to form Coles Myer Ltd. Myer, which had been operating since 1901, was Australia's third-largest retail group and the country's number one department store chain. The merger brought in 56 department stores, 68 Target discount stores, 122 Fosseys discount variety stores, and the Red Rooster chain of fast-food chicken outlets. The Country Road chain of 45 stores was also part of the deal but was later sold for a profit.
Prior to the merger, Myer strengthened its position in 1983 by purchasing Grace Bros., the largest department store retailer in New South Wales, and Boans, the largest Western Australian department store operator. Myer remained a distinct entity within the new corporate structure until it was sold in 2006 to a consortium led by US private equity group Newbridge Capital, which included the Myer family.
After the merger, Coles Myer continued to expand and diversify its operations. In 1987, it acquired the supermarket chain Bi-Lo, and in 1988, it established Coles Myer Ansett Travel Pty. Ltd., a joint venture with Ansett Transport Industries Ltd. to manage retail travel centres. In 1990, Coles Myer acquired the travel business of ANZ Bank Ltd. and merged the administrative and buying functions of Myer Stores and Grace Bros. to form the Department Stores Group.
In 2001, Coles Myer appointed a new chief executive, John Fletcher, who abolished the shareholder discount card and engineered the acquisition of Shell Australia's retail fuel operations, rebranding them as Coles Express. However, by the mid-2000s, Coles Myer decided to divest some of its struggling businesses, including the Megamart chain of furniture and electrical stores. In 2005, the company announced its intention to demerge, divest, or retain Myer, and in 2006, it changed its name to "Coles Group Limited."
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Wesfarmers purchased the Coles Group in 2007
The Australian supermarket, retail, and consumer services chain Coles was founded in 1914 in the suburb of Collingwood by Sir George Coles. In 2007, Wesfarmers purchased the Coles Group, which had previously been known as Coles Myer from 1986 to 2006.
Wesfarmers' acquisition of the Coles Group occurred on 23 November 2007, and it involved a scheme of arrangement. As a result of the acquisition, Coles Group shares were suspended from trading on the ASX on 9 November 2007. The proposal for the acquisition was announced in July 2007, and it offered investors three options for consideration for each Coles share. These options included a mix of cash and shares in Wesfarmers. The acquisition was completed in early 2008, and it marked a significant event in the history of the Coles Group.
The purchase of the Coles Group by Wesfarmers was part of a larger strategy to restructure the company and enhance its position in the market. In August 2007, Wesfarmers outlined its plans for the Coles Group, which included a focus on supermarkets, liquor, and convenience stores. This acquisition also aligned with Wesfarmers' broader business interests, as they owned and operated a diverse range of stores across Australia, including supermarkets, fuel outlets, discount department stores, liquor stores, and electronics stores.
The Coles Group has a long history of expansion and acquisitions, dating back to its early days when it acquired grocery stores and reinforced its link with supermarket retailing. By 1973, Coles had established stores in all Australian capital cities, and it continued to grow and diversify its offerings over the years. The acquisition by Wesfarmers in 2007 was another pivotal moment in the evolution of the Coles Group, shaping its future direction and strategic priorities.
In November 2018, Wesfarmers spun off the Coles Group business, and it became a subsidiary of Coles Group once again. This move reflected the dynamic nature of the industry and the ongoing adjustments made by companies to adapt to market conditions and pursue new opportunities.
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Frequently asked questions
Coles was founded in Australia in 1914.
Coles was founded by George James (G.J.) Coles and his brother Jim Coles.
The first Coles store was a variety store on Smith Street in Collingwood, Melbourne.
