Harvey chases $1 billion online

Summary:Aussie retail kingpin Gerry Harvey wants his online retail business for Harvey Norman to net the company $1 billion over the next decade.

Aussie retail kingpin Gerry Harvey wants his online retail business for Harvey Norman to net the company $1 billion over the next decade.

Money

(Money image by Cimexus, CC2.0)

Harvey recently opened an online store and a daily deals site, saying that he had "no choice" but to push the retailer online.

Harvey told the Australian Financial Review that he still fears that the online move will "cannibalise" the business of his 173 brick-and-mortar sites around the country; however, he hopes to maintain a delicate balance between the two.

"Hopefully [the two] won't have to compete for five, 10, 20 years because I have got to be careful I don't upset my franchisees," Harvey told the Australian Financial Review today.

While maintaining the balance between online and physical stores, Harvey has asked his online team to come up with $1 billion in sales over the next decade.

"I've told my team I want them to turn over $100 million within two to three years and then take it to $1 billion within five to 10 years."

He confirmed this information to ZDNet Australia.

Topics: E-Commerce

About

A fresh recruit onto the tech journalism battlefield, Luke Hopewell is eager to see some action. After a tour of duty in the belly of the Telstra beast, he is keen to report big stories on the enterprise beat. Drawing on past experience in radio, print and magazine, he plans to ask all the tough questions you want answered.

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.