Book retailer, The Co-op, has announced it will acquire the Australian Geographic retail chain from its sole shareholder, Myer Family Investments.
Australian Geographic Retail, which is known for its educational products, has 66 stores in shopping centres across the country. According to Thorsten Wichtendahl, Co-op CEO, the deal is a positive move for both parties, enabling the brands to reach a wider age bracket.
“This is an historic milestone in The Co-op’s 58-year existence,” he says. “The marriage of these two iconic Australian brands provides a platform to better serve our customers.
“The addition of 66 shopping centre locations to our existing network allows us to better reach customers of all ages and takes us much closer to fulfilling our goal of being the lifelong learning partner for Australians.”
The Co-op is Australia’s largest member-owned retailer with over 1.9 million members, primarily made up of current and former university students who shop at their 63 campus stores and online.
Peter Hodgson, CEO of Myer Family Investments, says the company welcomes the Co-op’s acquisition.
“[It’s] a very positive story for the retail industry,” he says. “We look forward to seeing the brand continue and are grateful for the support over the years form Australian Geographic Retail’s customers, suppliers and staff.”
Completion of the acquisition will take place on 5 September.