Rick Hart makes Megamart move

RETAILER Rick Hart has entered into an deal to take over the Perth Myer Megamart store. The new store will operate seven days a week as a flagship Rick Hart outlet. The acquisition comes via the recent purchase of the Rick Hart chain of stores by Melbourne-based electrical and computer retailer Clive Peeters in September 2005. The Clive Peeters group announced a half-year operating profit of $5.9 million for the six months to December 31 2005, an increase of 68 per cent on the previous corresponding period. The result was helped in no small part by the Rick Hart acquisition. Rick Hart stores contributed sales growth of 15.5 per cent for the period for its new owner, compared to overall sales growth for the Clive Peeters group of 2.1 per cent. The acquisition of the Rick Hart stores is part of the Clive Peeters strategy to expand into new markets, which also includes Clive Peeters branded stores in Sydney and Hobart.


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