Venture (department store)
| Company type | Private |
|---|---|
| Industry | Retail |
| Founded | 1970 |
| Founder | Bob Lee, Robert Morris, Bernie Buckley |
| Defunct | April 1994 |
| Fate | Liquidation |
Area served | Australia |
| Products | Mid-range women's and children's apparel, soft homeware products |
Venture was an Australian discount department store chain that operated from 1970 until 1994, specializing mainly in mid-range women's and children's apparel along with soft homeware products. Notably, the Hobart location included an on-site eatery known as Charlie's.
Confronted with financial difficulties during the late 1980s and early 1990s, Venture ultimately went into liquidation in April 1994, resulting in the shutdown of all its outlets.
History
The inaugural Venture store launched in Geelong in 1970, soon followed by outlets in Ballarat and multiple Melbourne suburbs within a two-year span. The company was established by Bob Lee, Robert Morris, and Bernie Buckley, all of whom had prior experience working at Target Stores. By 1972, Venture expanded into New South Wales with a store in Merrylands, growing to 16 locations across Victoria at that time.
In 1973, additional stores were opened in Mount Druitt and Liverpool, NSW. Throughout its existence, the product range consistently comprised women's fashion, sportswear, knitwear, underwear, nightwear, hosiery, menswear, children's clothing, manchester goods, fabrics, bedding, and home furnishings.
That same year, South Australian department store John Martin's purchased a 50% interest from Robert Morris, facilitating Venture’s expansion into South Australia and Queensland. Eventually, John Martin's acquired full ownership.
Following John Martin's acquisition by Solomon Lew in 1981 and subsequent sale to the Cookes family led by David Cookes, the John Martin's chain was sold to David Jones in 1985; however, the Cookes family retained control of Venture.
Retail expert Bob Burke was appointed as manager in 1981 and implemented a turnaround strategy by closing loss-making stores and concentrating on affordable apparel aimed at women, teenage girls, and children. Burke’s leadership saw turnover double within three years by prioritizing private-label merchandise.
In February 1987, Venture purchased the Waltons chain from Alan Bond. This acquisition included 47 Waltons and Norman Ross stores as well as South Australia's J. Miller Anderson & Co., which ceased operations in 1988. The Waltons locations were rebranded as Venture stores, expanding the chain to approximately 70 outlets nationwide except for Western Australia.
Demise and closure
During the late 1980s, Venture struggled against intensifying competition from major players such as Big W, Kmart Australia, and Target Australia, which benefited from larger store counts, bigger retail spaces with higher sales volumes, and superior economies of scale.
The Cookes family initially planned to list Venture on the stock market in February 1989 to alleviate substantial debt but instead opted for a capital restructuring involving a debt-for-equity exchange.
By 1992, Venture entered receivership and was acquired for A$12 million by a consortium including New Zealand’s Farmers Deka (now Farmers Trading Company) alongside Perth-based Action Holdings and Vox. By December of that year, Farmers Deka took full ownership; this stake later transferred to Western Australian grocery wholesaler Foodland Associated Limited (FAL), which itself was subsequently acquired by IGA.
According to FAL’s 1993 annual report, efforts were underway to reposition Venture as a destination retailer offering everyday essentials at competitive prices with a focus on women with young children.
Nevertheless, on 24 February 1994 Venture was placed under administration after FAL’s board decided to withdraw support following an internal review that deemed the business unsustainable and recommended prompt sale or closure.
After an unsuccessful eight-week attempt to find buyers, Venture entered liquidation on 16 April 1994. A clearance sale commenced immediately with all 45 stores shuttered by 14 May 1994.
Previous store sites
Below is a compilation of Venture retail outlets operating during its 24-year existence; note that some locations had already ceased operations by the time of the May 1994 closure.