Woolworths is the largest supermarket/grocery store chain in Australia, owned by Woolworths Limited.

Woolworths Limited was founded in September of 1924, originally under the name “Wallworths Bazzaar Ltd”, a play on the internationally renown F. W. Woolworth name. After discovering the name had not been registered in Australia, and Woolworths had no plans for overseas expansion, the company became “Woolworths Limited” on September 22, 1924. Following the company’s first “Bargain Basement” opening on Sydney’s Pitt Street, there was little interest in shareholders to accelerate the brands growth. However, as trading continued and shareholders brought more capital, the dividends paid by the company increased from 5% to 50% after its third year of operation.

Consumer interest in the company grew sufficiently after December of 1924, as more branches of the store were established across Australia. Woolworths stores began selling a variety of goods, claiming the cheapest prices as well as money back guarantees. At the forefront of innovation in Australia, Woolworths stores became the first variety store in the world to install receipt printing cash register machines in 1926. Nearly twenty years after the company’s establishment, Woolworths had a store in every state in Australia, following the opening of their Hobart store in 1940. With the company and its stores doing successfully, Woolworths began to experiment with expanding their grocery range; more stores began stocking fresh fruits and vegetables and a larger range of food. As Woolworths began to gradually transition to becoming exclusively a grocery store, this saw the creation of the first “Big W” store in 1955, the brand’s department store counterpart.

Source: www.wikipedia.org

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