EXPANSION BY COLES

Press, Volume C, Issue 29681, 27 November 1961, Page 20

EXPANSION BY COLES

Big Move Into Supermarkets (N.Z.P.A.-Reuter—Copyright) MELBOURNE, November 26. A massive multi-million expansion into supermarket food retailing is planned by G. J. Coles and Company. Ltd., chain store operator. By throwing all of its resources into an immediate supermarket building programme, the company expects to almost double ilts present annual turnover of £92 million. The company’s controlling managing director (Sir Edgar Coles) said he expected sales volumes to reach £l5O million within seven years. To do this Coles would have to build at least eighty supermarkets, each costing between £lOO,OOO and £250,000, he said. “Food War” Sir Edgar Coles’s outline of future development is expected to result in an allout “food war” between Coles and the Sydney-based Woolworths, Ltd., chain. Both companies now claim to be Australia’s largest food retailer. Coles becking its claim last month by announcing plans to build 22 new supermarkets in Sydney suburbs within the next twelve months. Woolworths retaliated a few days later by announcing the opening of 18 new super-market-type stores throughout Australia.