JB Hi-Fi: Business Overview

Topics: Keilor East, Victoria, JB Hi-Fi, Home cinema Pages: 2 (307 words) Published: January 28, 2014
JB Hi-Fi was established in 1974 by Mr. John Barbuto (JB) in East Keilor, Victoria with his simple philosophy to deliver a specialist range of Hi-Fi and recorded music at Australia's lowest prices.

ØThe business was sold in 1983 and by 1999 another nine stores were opened.

ØIn October 2003, JB Hi-Fi was floated on the Australian Stock Exchange.

ØNow, maintaining Barbuto's original philosophy, JB Hi-Fi is one of Australia's fastest growing and largest retailer of home entertainment.

ØJB stores offer the world's leading brands of Hi-Fi, Speakers, Televisions, DVD's, VCR's, Cameras, Car Sound, Home Theatre, Computers and Portable Audio and continues to stock an exclusive range of specialist Hi-Fi products.

ØIt also offers the largest range of video games, recorded music, DVD music and DVD movies with over 50,000 CDs and the most major studio DVD releases, all at cheap prices.

JB Hi-Fi was established in Melbourne suburb of Keilor East by John Barbuto in 1974.

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.

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.

JB Hi-Fi has diversified its business from predominantly selling music CDs, and are now a major retailer for Plasma and LCD televisions, audio/visual, digital camera, gadgets and information technology.

In the full year 2009/10 report, it was reported that there are now 131 store locations in Australia and 10 in New Zealand.
In April 2013, JB HiFi announced and launched an ancillary service to their "JB HiFi NOW" service, books.jbhifi.com.au - which sells e-books online to JB HiFi NOW customers.
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