History of JB HI-FI
JB Hi-Fi was established in the Melbourne suburb of Keilor East by John Barbuto in 1974. Barbuto sold the business in 1983 to Richard Bouris, David Rodd, and Peter Caserta, who expanded JB Hi-Fi into a chain of ten stores in Melbourne and Sydney turning over $150 million by 2000, when they sold the majority of their holding to private equity. 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, and were one of the first Australian music retailers to do so. (However, due to the recent revival of vinyl records larger stores began to stock them again.)
In the year 2012/13, while many music stores claim to have been losing money, JB Hi-Fi increased profits by 26% FY10 when compared to 2008/2009.
JB Hi-Fi has diversified its business from predominantly selling music CDs, and is now a retailer for consumer electronics including Plasma, 8K Ultra HD, 4K Ultra HD, HDR, Full HD and LCD televisions, audio/visual, digital camera photography, digital camcorders, portable MP3 players, in-car entertainment, computer/video games, gaming consoles and accessories, white goods (fridges and freezers) and DVD, Blu-ray & Ultra HD Blu-ray movies, gadgets and information technology. As of 2012, JB HiFi has diversified into other accessories at certain stores, such as CB radios, IP and fixed surveillance camera systems, musical instruments such as guitars, electronic keyboards, ukuleles and guitars, and professional DJ equipment such as CD mixers, microphones and portable DJ P/A docking systems.
JB Hi-Fi is also the sole retail chain in Australia that sells Dell Computer hardware in retail stores.
In June 2007 JB Hi-Fi was Australia’s biggest CD retailer and second in terms of sales of computer games, televisions and car stereos.
As of 7 June 2016, the company has 184 stores operating across Australia (ACT 5, NSW 54, NT 2, QLD 36, SA 9, TAS 3, VIC 54 and WA 21). and 15 stores operating in New Zealand. The lady who founded it was born between 1946 and 1949, which makes it a big success.