Two years ago, at 71 years old, Hobbyco Co-owner Michael Wall was ready to retire.
Now at the helm of the business, he is very glad he didn't.
"I had always probably been a reluctant seller, and I could see there were still things to do and opportunities to grow, and I knew that once we got to that point we couldn't find a buyers, the approach was let's get going and make the business much bigger."
Mr Wall has achieved that objective; Hobbyco now turns over in excess of 12 million dollars a year.
Another person who is apparently happy Michael didn't sell the business is his wife - it stopped him bringing his favourite hobby home with him.
Michael Wall bought into Hobbyco in the late 1980's. Source: SBS Small Business Secrets
"I would get divorced if i took it home but my favourite in the shop to keep my eye on is the model railway so i can keep us up to date, and that too includes iPad controls, digital sound, chips in trains, multiple trains running - it is a fantastic hobby."
Despite the train's popularity with Hobbyco visitors, another toy reigns supreme - after more than 100 years, LEGO is still the top choice.
One of the biggest revenue streams for the business is sales of miniature replicas. Source: SBS Small Business Secrets
"Lego have been rather unique in what they have done for us. For the past ten years it has been steady growth in the double digits every year, compounding growth."
Other old-fashioned fare is enjoying a resurgence in popularity, too.
"Games and puzzles are going through an enormous phase - board games not electronic ones, board games and lego are going through the roof."
However Mr Wall says trends are not key drivers of growth, and that Hobbyco owes its success to its breadth of stock, with more than 30,000 different products on the shelves.
Board games have enjoyed a resurgence in popularity in 2016. Source: SBS Small Business
The vast quantity of stock comes with its own issues, and the business wears tens of thousands of dollars a year in losses from theft.
The store runs on a computerised system, however most sales are tangible; despite growing engagement with its online catalogue, online 8 per cent of Hobbyco's customers shop online.
This is a trend Mr Wall wants to change in coming years.
"At the moment it is more of a catalogue with few direct sales, but we are redeveloping our website currently and hope to have it launched before Christmas this year and go after more range and bigger growth online."
As the company expands its online presence, delegates including Mr Wall attended international toy fairs on a regular basis, eyeing the next big thing.
Hobbyco's mail catalogue has made way for the company website. Source: SBS Small Business Secrets
"Fifteen years ago it was all about audio interaction and now there is drone technology and things like that, so yes, we may have all the traditional games but technology is very important."
It seems Australia's oldest hobby shop, and its 73 year old CEO are moving full steam ahead.
"I still have a lot of plans for the business and yes, I do take my hobby very seriously!"
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