Coles' 104-year journey to $18bn spinoff

An $18 billion Coles supermarkets business is set to hit the ASX, 104 years after it was founded as a single general goods store in Collingwood.

A file image of Coles supermarket signage

Coles has changed a lot since starting as a single general goods store in Collingwood. (AAP)

1914 - George James Coles opens his first Coles in Collingwood, Victoria. The low-cost "variety store" proves popular.

1921 - GJ Coles & Coy Pty Ltd is formed and the first city store opens on Melbourne's Bourke St three years later.

1928 - Coles goes interstate with its Sydney Pitt St store, its 10th overall

1958 - After 44 years of trade, Coles enters food retailing through the acquisition of 54 grocery stores including the Dickins supermarket chain.

1962 - Coles opens its first New World supermarket in Frankston, Victoria.

1969 - The first Kmart Australia store - a joint venture with US retailer Kresge - opens in East Burwood, Victoria.

1977 - GJ Coles dies, aged 92.

1978 - Takes full ownership of Kmart Australia, exchange a 20 per cent stake in Coles for Kresge's 51 per cent stake.

1985 - Merges with Myer Emporium Ltd, whose assets include department stores, Country Road, Red Rooster and Target, to become Coles Myer.

1993 - Officeworks launched.

1994 - Buys back Kresge's Coles Myer shares.

2003 - Buys Shell Australia's retail business to create Coles Express.

2006 - Myer is sold to private equity for $1.4 billion and the remaining assets renamed Coles Group.

2007 - Coles Group agrees to $19.7 billion takeover by Wesfarmers.

2017 - Wesfarmers announces plan to list a separate Coles business on the ASX, distributing stock to shareholders and retaining roughly a 20 per cent stake. The new company will include 806 supermarkets, Coles Online, 894 liquor stores, 712 Coles Express stores, a general insurance and credit cards business, and 881 Spirit Hotels. Citi analysts value the new business at about $18 billion.

(Source: Coles; AAP)


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Source: AAP



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