The Briscoe Group has a storied history that began in 1862 when it opened its first store in Dunedin, New Zealand. Originally established as a hardware retailer, Briscoes supplied essential goods such as shovels, picks, tents, and lanterns to gold prospectors during the Otago gold rush. This early focus on hardware positioned Briscoes as a key player in the burgeoning New Zealand economy, where it became a major supplier for government contracts related to infrastructure development, including bridges, railroads, telegraph lines, and water systems.
However, the retailer did not always experience such favourable conditions. During the Great Depression of the 1930s, the company faced its largest financial loss ever. At one point, there were discussions about shutting down the business. To survive through this challenging period, the company implemented a 10% pay cut, laid off single employees, and arranged for married staff to take unpaid leave every other week.
Jump ahead to the 1980s, and the company faced challenges once more, caught in a dilemma between being seen as a traditional wholesaler and an aspiring retailer. This struggle was evident as their product offerings wavered between high-end and low-cost items.
The company was saved by the Australian retail entrepreneur Rod Duke, who took over Briscoes’ management in 1988.
“My original contract had been for a maximum of three years to get the company out of trouble and to find a buyer. But the longer I stayed at Briscoes, the more potential I saw,” says Duke.
Photo courtesy: https://www.briscoegroup.co.nz/
Rod decided to purchase the business himself in 1990. Today, Duke is celebrated for turning Briscoes into a household name in New Zealand. The Briscoe Group includes Rebel Sport stores and has a valuation exceeding $1 billion. In the first half of the year ending in July, the Briscoe Group, which operates nearly 100 stores nationwide, achieved record sales of $372 million. This occurred amid a recession and a cost-of-living crisis that significantly impacted consumer spending across the broader retail sector.
How did he achieve this?
Rod Duke emphasised that his brands, Briscoes and Rebel Sport, prioritise high-quality products. In a recent interview with RNZ, he also pointed to having a good staff and a relentless commitment to surpassing his competitors.
Another significant aspect of Briscoe Group’s success in recent years under Duke’s leadership is its commitment to remaining debt-free. Even after substantial growth, including the launch of the Rebel Sport chain in 1996, Briscoe Group maintains a strong financial position with over $100 million in cash reserves.
Despite nearly 40 years at the helm, Rod Duke remains deeply passionate about retailing and has no intention of retiring from his role as Briscoe Group’s managing director, finding fulfilment in the responsibility of leading the business he built from the ground up and can’t imagine life without it.
Duke does enjoy some hobbies like golf, travelling, and socialising with his wife and friends. He has also invested in racing horses.
However, his true calling remains in retail.
