Harvey chases $1 billion online

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.

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