Coles Myer's Chairman Stanley Wallis on Australia's international competitiveness and reform.

Coles Myer is Australia's dominant retailing company, with an estimated market share of more than 20 percent of all retail sales in Australia. Its major businesses include Australia's largest department store chain, largest grocery-supermarket chain, and the largest discount chains. Target and Kmart. In addition, it is a major player in food and liquor retailing, office supplies, and apparel. Its 1999 sales were A$ 22 billion, with profits over A$ 400 million. The company began business in 1914, operating variety stores with low-priced goods and a money-back guarantee of satisfaction. After incorporation in 1921 as G. J. Coles & Co. Limited, it continued to operate variety stores until the end of the 1950s, when it branched into supermarket retailing. In 1969, Coles introduced the discount store concept into Australia through the establishment of the Kmart chain. In 1985, Coles acquired The Myer Emporium Limited, the largest department store operator in Australia, which also operated discount and specialty store chains. In 1986, the company changed its name to Coles Myer Ltd. From 1993, the company began to shift from a structure of largely independent retail operations to one retail company operating through a series of brands. The shared services concept was adopted widely across the business for administrative support and achieved many efficiencies and integration. The firm's e-business strategy developed rapidly. Stanley Wallis is chairman of Coles Myer, and of Amcor. formerly Australian Paper Manufacturers. Mr. Wallis joined Australian Paper Manufacturers in 1960 and progressed through positions of chief accountant, mill manager, and finance manager to become managing director in 1977. He led Amcor through a sustained period of profitable growth and internationalization and stepped down from his CEO role in 1996 to become chairman. Mr. Wallis's contribution to reform in Australia has been very significant, as chairman of the Inquiry into the Australian Financial System; as president of the Business Council of Australia, a group of 100 CEOs of Australia's biggest companies; and most recently as a major participant in the tax reform process. He has contributed to advancing management education in Australia, and serves as a chairman and director of a number of major business and educational institutions. He has a bachelor of commerce degree from the University of Melbourne. As one of Australia's most respected business leaders, he is particularly well-qualified to comment on the progress and challenges facing the business sector in Australia. [ABSTRACT FROM AUTHOR]