Book retailer The Co-op has purchased the Australian Geographic Retail chain from its sole shareholder Myer Family Investments for an undisclosed amount.

The deal will see The Co-op acquiring the iconic brand Australian Geographic Retail’s 66 retail stores in shopping centres across Australia, as well as its online store.

The acquisition is expected to significantly broaden The Co-Op’s member base and create cross promotional activities for both brands.

Thorsten Wichtendahl, The Co-op chief executive, said the acquisition is a historic milestone in The Co-op’s 58 years of existence.

“The marriage of these two iconic Australian brands provides a platform to better serve our customers,” Wichtendahl said.

“The addition of 66 shopping centre locations to our existing network allows us to better reach customers of all ages and takes us much closer to fulfilling our goal of being the lifelong learning partner for Australians.”

The Co-op is Australia’s largest member owned retailer with over 1.9 million members, primarily made up of current and former university students who shop at their 63 campus stores and online.

Peter Hodgson, chief executive of The Myer Family Investments, said The Co-op’s acquisition of Australian Geographic Retail marks a very positive story for the retail industry.

“We look forward to seeing the brand continue and are grateful for the support over the years from Australian Geographic Retail’s customers, suppliers and staff,” Hodgson said.

Completion of the acquisition will take place on September 5.

Read more analysis about the Co-op’s acquisition in this weeks edition of Inside Retail Weekly.

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