JB Hi-Fi is an Australian retailer of consumer electronics, as well as a supplier of video games and of Blu-rays, DVDs, and CDs. It is a chain store operation headquartered in Melbourne.
History
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 and 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.
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. 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. 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.
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, 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.
Currently JB Hi-Fi is the number one retailer of Apple Computer hardware in Australia, even more than Apple retail stores. JB Hi-Fi is also the sole retail chain in Australia that sells Dell Computer hardware in retail stores.
The Sydney Morning Herald reported in June 2007 that JB Hi-Fi is now Australia's biggest CD retailer and is second in terms of sales of computer games, televisions and car stereos.
In the full year 2009/10 report, it was reported that there are now 131 store locations in Australia and 10 in New Zealand.
As of 27 July 2014 the JB Hi-Fi Website Store Locator listed 171 store locations across Australia (ACT 5, NSW 50, NT 2, QLD 34, SA 9, TAS 2, VIC 50 and WA 19).
As of 6 August 2014, the company has 13 stores open in New Zealand, with eight in Auckland and one store each in Hamilton, Tauranga, Palmerston North, Wellington and Dunedin.
In November 2011, JB Hi-Fi announced a web-based, streaming music service called JB Hi-Fi NOW which allows people to stream unlimited music for A$99 per year. On 13 December, the service was launched offering a free one-month trial. JB Hi-Fi NOW claims a library of up to seven million tracks, with plans to expand the library to around 15 million tracks. As of April 2012, JB Hi-Fi NOW is now available from iPhone and Android Apps, and as of late 2012, the app is now available on Windows Phone 7.
In December 2012, JB Hi-Fi launched "JB Hi-Fi Home", an ancillary to their business selling whitegoods and appliances.
In April 2013, JB Hi-Fi announced and launched an ancillary service to their "JB Hi-Fi NOW" service, books.jbhifi.com.au - which sells e-books online to JB Hi-Fi NOW customers.
Acquisitions
In July 2004, JB Hi-Fi bought 70% of the Clive Anthonys chain in Queensland.
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.
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 pursue the JB Hi-Fi market in New Zealand.
References
External links
- JB Hi-Fi Australia
- JB Hi-Fi Online Store
- Clive Anthonys
- JB Hi-Fi New Zealand
- JB Hi-Fi Home
- JB Hi-Fi NOW Music
- JB Hi-Fi NOW eBooks
- JB Hi-Fi NOW Video
