ACCC Ruling on Supermarket Ownership Welcome

10 March 2016

MEDIA RELEASE

Canberra Business Chamber welcomes today’s announcement by the Australian Competition and Consumer Commission that it will not oppose Coles’ proposed acquisition of five Supabarn supermarkets.

“The Chamber supports competition in the Canberra market for the good of consumers and our economy. We do not think this sale will diminish competition,” Canberra Business Chamber CEO, Robyn Hendry said.

“Canberra is growing and with this growth comes new businesses and increased choice. This is particularly occurring in the grocery sector with the increase in Aldi stores across our city and the opening of a Costco to serve the region.

“Our city has reached its current maturity based on the contribution of many local families who have built successful businesses from the ground up.

“It is essential these businesses owners are in a position to exit their businesses when generational change means they need to make alternative arrangements for their assets. For example, if children have decided they want to pursue a different career path from their parents and there is no-one able to carry the business forward, then families need to be able to sell their business.

“We are pleased this decision supports local business owners being able to move forward with their lives and sell their businesses when they need to.

“Supabarn owner, Eric Koundouris is a highly respected leader in the Canberra business community and a long standing member of the Canberra Business Council and now the Chamber. We wish the Koundouris family all the best with their future plans.”

Media Contact: Robyn Hendry, CEO Canberra Business Chamber 0418 462 151