Sunday 5 August 2012

Two Different Billionaire Stories

Property billionaire Andrew Roberts (Multiplex) moved into online retailing and may be regretting the decision with reports of staff cuts, closure of a bricks ‘n mortar store and falling online sales. Robert’s purchased three eCommerce sites in June – My Catwalk, Thread People, and Baby’s Got Style. Competition from other online sites is considered partly to blame.
Perth-based billionaire Stan Perron on the other hand has made one of the biggest buys of the year, spending just under $700 million to take half stakes in three of Centro’s biggest shopping centres: Perth’s Galleria, Adelaide’s Colonnades and Melbourne’s The Glen. It was a huge deal for the recovering Centro and a big deal for the retail sector. But it also represents a strong endorsement in the retail sector by the canny Perron, who now has 80% of his extensive property portfolio in retail.