The story
Founded by David Jones in 1838.1
David Jones, a Welsh merchant, met a Hobart businessman, Charles Appleton, in London. Appleton had established a store in Sydney in 1825 and Jones subsequently established a partnership with him, moved to Australia in 1835, and the Sydney store became known as Appleton and Jones. When the partnership was dissolved in 1838, Jones moved his business to premises on the corner of George Street and Barrack Lane. Jones survived the depression of the 1840s, and by 1856 had retired from active management of the business. A few years later when the firm failed, he returned to manage its affairs and within a few years had fully discharged all obligations to his creditors.
By 1887, the George Street store had been rebuilt and a mail-order facility was introduced. A factory was opened in Marlborough Street, Sydney, to reduce reliance on imported goods. On the death of the founder, his son, Edward Lloyd Jones (1844–1894), led the company. At 18, Edward Lloyd Jones, Jr. (1874–1934) journeyed to England and entered the London office of David Jones. On his return to Australia, he gained pastoral and cattle experience in the Burnett district of Queensland. He re-entered the family business upon the death of his father in the train disaster at Redfern in 1894. David Jones was then a private company, but in 1906, it became a public company. Edward Lloyd Jones, Jr. became chairman of directors and held that position until he resigned in 1921. The Elizabeth Street store was opened in 1927 under the guidance of chairman Charles Lloyd Jones. A further store was opened in Market Street, Sydney, in 1938. A small branch was located in the Australia Hotel on Martin Place. In 1954, a state banquet was held for visiting Queen Elizabeth II in the restaurant of the Elizabeth Street store.
Regional NSW and interstate entry
Within New South Wales, David Jones established its first store in Newcastle by acquiring Scott's on Hunter Street in 1957 (closed 2011), and in Wollongong, the retailer Walter Lance and Co. in 1960. David Jones acquired and then converted the Big W Department Stores at Kotara Fair and the two-storey Big W at Warrawong in 1971. The Warrawong store closed in February 1986. A store in Wagga Wagga was added due to the purchase of David Copland and Co in 1953 (closed 1971).
David Jones' expanded into Victoria in the 1960s and in 1982 acquired the three stores of Buckley & Nunn located in Bourke Street, Northland, and Chadstone (closed the latter in 1983). In 1987, David Jones purchased the former GJ Coles store and building at 299 Bourke Street, Melbourne, converting it into a David Jones store. David Jones also owned the former Georges store in Collins Street, Melbourne between 1981 and 1995. In South Australia there were the acquisitions of Charles Birks & Co (Adelaide) in 1954 and John Martin's (Adelaide) in 1985. In Western Australia, it acquired Bon Marche (Perth) in 1954 (closed 1979), Foy & Gibson in 1964 (closed 1978), and Aherns (Perth) in 1999. In Queensland, David Jones purchased Finney Isles (Brisbane) in 1955, McKimmons (Townsville) in 1960 (relocated from Flinders Street and then closed in 1994), T.C. Beirne (Brisbane) in 1961, Marsh and Webster (Mackay) in 1963 (closed 1981), Boland's (Cairns) also in 1963 (relocated to Earlville in 1984, since closed), Wyper Bros. (Bundaberg) in 1972 (closed 1981), and Stuparts (Maryborough) in 1977 (closed 1981).
United States
In 1974, David Jones acquired a group of 12 stores in the United States, called Buffum's. These were ultimately rolled into Adelaide Steamship Company and closed by that company in May 1991.
David Jones Art Gallery
A significant feature of the Elizabeth Street shop, contributing greatly to its aura of quality and exclusivity, was the David Jones Art Gallery founded in 1944. Directors included Will Ashton (1944–47), Marion Hall Best (1947–49), John Amory (1949–50), M P Ferrandiere (1950–53), George Duncan (1953–63), Robert Haines (1963–76), Brian Moore (1976–84), and Peta Phillips (1984–92). Among the many drawcards were the Dobell exhibition of 1944, the Duke of Bedford's collection in 1962, and the Mendel Collection of Modern Painting, also in 1962. Prominent arts societies that held annual exhibitions there included the Australian Art Society, the Society of Artists, Australian Watercolour Institute, Contemporary Art Society, and Society of Sculptors and Associates. Prize exhibitions held in the Gallery included those sponsored by WD & HO Wills and Transfield. The gallery also imported Thai and Cambodian works in the 1960s and 70s.
Dajonian Repertory Society
Throughout the 1930s and '40s, the Sydney store supported the Dajonian Repertory Society, a Staff Club amateur theatre group. Its members were known as "the Dajonians". Their plays were variously performed in the David Jones theatrette, and such theatres as St James' Hall and the Independent Theatre.
They engaged the services of a permanent producer (Carl Francis throughout the '30s and Frederick Hughes from 1940) and produced six plays a year, mostly light comedies by recognised playwrights such as J. B. Priestley. Through this time the company was led by Sir Charles Lloyd Jones until his death in 1958. By 1959, the store network had expanded to eight stores, with expansion focused upon the burgeoning new suburbs of Sydney.
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1980–2000
In 1980, the Adelaide Steamship Company, headed by John Spalvins, acquired a substantial interest in David Jones, culminating in a complete takeover that took the company out of the Jones' family hands for the first time in its history. Through the 1980s and into the 1990s, the two companies involved themselves in a complex company structure whereby they each owned about half of each other, and financed by huge borrowings, acquired a portfolio of other companies. Other acquisitions made by Adelaide Steamship included Petersville Sleigh, Tooth & Co, Penfolds, and numerous others.
The recession of the early 1990s caused the nervous lenders (over 200 banks) to demand the return of their assets. This forced the liquidation of the portfolio at "fire-sale" prices and led the two companies into bankruptcy; the worthless Adelaide Steamship Company was renamed "Residual Assco Ltd" and was delisted. The worthless David Jones Limited was renamed "DJL". A number of the assets with value were very successfully sold off via public floats, in particular, National Foods, Woolworths, and the department store assets of DJL were floated as "David Jones Limited". In 1995, David Jones announced an $800 million public float of the David Jones and John Martin retail operations. The "new" David Jones Limited was subsequently listed on the Australian Securities Exchange with a new ASX code of DJS. The separation and public float of the department store assets in 1995 resulted in structural and cultural changes, which had periods of stagnancy and high staff turnover. Changes in management had DJs falter in the late 1990s. Shares initially offered at A$2 fell as low as A$0.90.
2000–2020
In 2000, David Jones returned to Western Australia after a near 25-year absence in the state. All five stores of the former department store Aherns were converted into David Jones stores in Karrinyup, Booragoon, Claremont, Rockingham and the Perth CBD. The Perth CBD Store was the only store of the five that was renovated. Over time, David Jones opened two more stores in Western Australia in Mandurah and Cannington, as well as two more stores in Hillarys and Innaloo on hold as of 2021 which would make them the largest department store chain in Western Australia.
In 2003, after a 20 million dollar loss, a strategic review in the company led to the closure of David Jones Rockingham, and the exit of the lease of David Jones Fountain Gate, as well as the closure of the loss-making David Jones Online web-based business and its gourmet food retail stores, Foodchain. It revitalised many of its stores, including its flagship Elizabeth Street and Market Street stores in Sydney (two individual buildings, linked both underground and via air bridge through Westfield Sydney). During this period, sales growth and profit growth were not increasing despite a consumer spending boom and the securing of exclusive deals with Australian and international brands. In this period, the share price was volatile; it reached a high over $4.50. The global downturn in 2009 affected David Jones, reporting a sales decline of 6.4% to $1,061.2m in the first half of 2009.
In June 2010, CEO Mark McInnes resigned after allegations that he had sexually harassed a female employee. McInnes' successor, Paul Zahra, led the company through significant restructuring, including the expansion of the online retail presence until October 2013, when he announced his intention to resign. Zahra retained his position, however, on account of strong shareholder support against Board Chairman Peter Mason, who eventually resigned along with two other directors who had been accused of insider trading.
In October 2013, Myer approached David Jones with a conditional, nonbinding, indicative proposal for a potential merger of the two companies. Myer believed the combined group would have generated pro forma sales and earnings before interest and taxes in 2013 around $5.0 billion and $364 million, respectively. In addition, Myer expected that a merger could have achieved more than $85 million of ongoing annual cost synergies within three years, primarily driven by structural efficiencies. The board of David Jones rejected the offer in November 2013.
In February 2014, Myer again approached David Jones offering to buy the company at market value, with David Jones having a market capitalisation of $1.7 billion. Myer also indicated that its reappointed chief executive Bernie Brookes would be capable of managing the combined entity should the merger occur. David Jones acknowledged the letter stating it would consider any proposal that is in the best interest of its shareholders but made no further comment.
In April 2014, Myer withdrew its proposed merger of equals following on from David Jones' announcement that it had recommended a $4.00 cash per share proposal and entered into a scheme implementation deed with South African retail group Woolworths, implying a market capitalisation of $2.15 billion. The takeover bid was approved in July 2014 by the Federal Court of Australia. In mid-August 2014, despite the previously stated intention by Woolworths to retain CEO Paul Zahra, Zahra announced his resignation once more amid indications of significant differences between strategy and the future of the company, giving three months' notice to ensure a smooth handover. Woolworths then announced that Country Road CEO Iain Nairn would succeed Zahra as chief executive.
In July 2015, the Wellington, New Zealand, department store Kirkcaldie & Stains agreed to be purchased by Woolworths South Africa. The existing Wellington store closed in 2016. It reopened on 28 July 2016 as the first David Jones' store in New Zealand. The David Jones website does not provide delivery to New Zealand, remaining a solely Australian trading website.
Woolworths South Africa sold the 1938 Market Street store in 2016, with the plan that DJ's would lease and occupy the site until late 2019. The store was closed in 2019 with the nine floors of homewares, furniture, electricals, and menswear being merged into the 1927 flagship Elizabeth Street store, which was renovated and had those floors devoted to shopping space expanded from eight to 12.
2020–present
In March 2023, David Jones was purchased from Woolworths Holdings Limited by Australian private equity firm Anchorage Capital Partners for a fraction of the value of the 2014 transaction. The new private equity owner has previously invested in Australian retail brands such as Dick Smith and Golden Circle.
In August 2023, David Jones launched a retail media department called ‘Amplify’. It aims to provide a revenue source by advertising brands such as Jaguar Land Rover, Destination Canada, and Regent Cruises to its customer base.
In 2023, the company embarked on a transformative store optimisation and refurbishment initiative, committing significant investment to reimagine its store portfolio. This journey began with a $15 million overhaul of the flagship Bourke Street Mall store, alongside complete refurbishments of key locations, including Burwood, Bondi Junction, Chatswood Chase, and Southland all due to be completed by late 2025.
The company permanently closed its Eastland store in January 2024 as a part of a company restructure that would see flagship stores prioritised.
By April 2026, David Jones Limited were facing declining sales and financial losses, with analysts fearing it might collapse financially in following weeks. In the 2024 financial year the retailer posted a $74 million loss and has yet to lodge its most recent financial statements, reportedly due last October.
The company received criticism for its nonpayment, disenchantment and favouritist treatment of suppliers, with many exclusive partners defecting to Myer and Accent Group receiving a lump sum and cash-on-delivery after threatening to pull its brands from stores. The suppliers have been put into a payment plan which would not see them get fully paid for 20 weeks. There are doubts for the financial sustainability of the company since the unforeseen [[Economic impact of the 2026 Iran war
|May downturn]] and into the Christmas season. Amid the financial turmoil, the company got a new CFO Erica Berchtold and financier Hilco Capital.
Hilco reportedly later appointed McGrathNicol to advise on its options, further sparking fears the company is teetering on receivership and comparisons with moves on other companies. David Jones' lawyers outright deny these reports, labelling them and questioners about their financial position wrong and damaging to the company and its members including their reputation with suppliers.
In October 2026, Country Road Group announced it would significantly reduce its concessions in David Jones stores in 2027 as both companies battle increasing financial pressure.
Executive chairmen
David Jones, 1838–1868
Edward Lloyd Jones, 1868–1894
Edward Lloyd Jones, Jr., 1894–1921
Sir Charles Lloyd Jones, 1921–1958
David Lloyd Jones, 1959–1961
Charles Lloyd Jones, Jr., 1961–1980
Nonexecutive chairmen
Dick Warburton, 1995–2003
Bob Savage, 2003–2013
Peter Mason, 2013–2014
Gordon Cairns, 2014–2016
Ian Moir, 2016–present
Chief executive officers
John Spalvins, 1980–1991
Rod Mewing, 1991–1994
Chris Tideman, 1994 June – 1997 March 10
Peter Wilkinson, 1997 March 12 – 2002 September 11
Mark McInnes, 2002 February 3 – 2010 June 18
Paul Zahra, 2010 June 18 – 2014 August
Iain Nairn, 2014 – 2015
John Dixon, 2016 January – 2017 March 23
David Thomas, 2017 September 20 or 2018 May – 2019 February 6
Ian Moir (interim), 2019 – 2020 November
Scott Fyfe, 2020 October 26 – 2026 June
Erica Berchtold, 2026 June 22 – present
From Wikipedia’s article on David Jones (department store), shared under CC BY-SA 4.0.5