Despite a significant drop from last year’s Power 50 ranking, Gerry Harvey and Katie Page’s market power remains significant. The husband-and-wife power couple have successfully steered their business, Harvey Norman Holdings, through one of the toughest periods the local retail sector has ever faced.
With a multi-platform shopper offering, rigorous advertising strategy (spending $106.9 million in 2012) and confidence in the brand, the pair have fought off international and online-only competitors to remain as the country’s leading electronics and furniture retailer. They’ve also bucked the trends of brands favouring digital over traditional retail by increasing the number of franchised stores from 195 (2011) to 213 (2012) and investing further in their business model.
Harvey and Page – who are the chairman and chief executive respectively – have a tough fight ahead, but are unlikely to settle for anything less than top spot. The future of the business will rely on how they build business momentum and craft positive coverage.
