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THE MARKET
In an industry that collectively turns over in excess
of $10 billion annually in Australia, Bing Lee
continues to stand out as amarket leader with an ex
GST revenue for the 2006/7 financial year of $370
million. This result is even more significant given
the company only operates in NSW and ACT.
Salesgrowth for the financial year 2006-2007was
14 per cent. During 2007 the company reported
significant increases in sales for plasma and LCD
TVs, notebooks and IT products, digital imaging
and GPS navigation systems.
According to General Manager Phil Moujaes,
the biggest challenge facing the industry is the
unp r e c eden t ed
pace at which
technology
is changing
and
the
effect those
changeswill
have on the
market place
including the
need for
ongoing
staff training to keep pace with the new
technologies.
As consumers have an abundance of choice in
today’s market and are far more product savvy,
Moujaes believes retailers must provide a point of
difference if they are to maintain their competitive
edge. For BingLee, themain point of difference is it
is still a privately owned family business and is
committed to continuing to provide friendly and
informative service.AlongwithBing Lee’s famous
negotiable prices, this ensures that the needs of
the customer remain the number one priority.
ACHIEVEMENTS
Bing Lee has grown from humble beginnings and
is one of the largest electrical retailers in the New
SouthWales (NSW) andAustralianCapitalTerritory
(ACT) regions.
Bing Lee celebrated its 50th anniversary in 2007
highlighting the company’s longevity in a
competitive market place. The number of outlets
recently reached 33 and continues to grow,
underlining that Bing Lee has established itself as
one of the most iconic businesses in NSW and the
ACT.
Under the leadership of co-founder Ken Lee,
Bing Lee has developed strong supplier
relationships, many of which were established at
the company’s inception in 1957. In such a
competitive and ever-changing industry it is
considered rare for a supplier-retailer relationship
to continue for this length of time. Loyalty and
trust are two of the primary factors to which
suppliers, including Sharp, attribute their successful
and long standing relationships with Bing Lee.
HISTORY
Bing Lee began when Bing, together with his son
Ken, purchased an electrical repair business in the
Western Sydney suburb of Fairfield in 1957.
Together they turned the repair business into an
electrical appliance retail and repair business trading
under the name Bing Lee.
With the launch of television inAustralia during
the late 1950s a surge in demand for television units,
repairs and installations spurred Bing Lee’s initial
growth. Over time the demand for additional
household items including washing machines,
cooking equipment, heaters and audio equipment
also increased andBingLee expanded their product
range tomeet the needs of the communities inwhich
the stores operated.
As business grew the Bing Lee brand branched
into similar working class locations opening stores
in Cabramatta, Parramatta, Wollongong and
Blacktown.
In 1987, BingLee passed away aged 79 andKen
took over the company reins. Under his leadership
the business grew rapidly, tapping into traditional
locations whilst maintaining its ‘roots’ in the ethnic
and immigrant communities that continued to
contribute to the growth of Sydney’s western
suburbs.
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