Business
23 August, 2024
Piccones sell up
THE Piccones have sold their major retail interests in Cairns as the brothers running the operations – John, aged 62, and Peter, 65, – retire.
The two IGA supermarket businesses at Edmonton and Manoora have been bought by the Peries IGA Group while the Star Hotels Group is taking over The Hambledon (‘Hambo’) Hotel.
John Piccone said, while it was “sad” for the family, there was no succession plan.
“The eight grandchildren (aged 24-32 of their late father Lou and mother Elaine and the children of six siblings) have their own successful careers and we are glad they are successful in what they do,” he said.
“It’s time for someone else to continue the businesses. It’s sad to step out of the prime business – we’ve been in retail for a long time.”
The Piccones will retain the freehold of the shopping centre sites and the many tenancies while the freehold of the hotel at Edmonton will be acquired by Star, which has also taken over the Raintrees Tavern. The family will still own My Village Bakehouse at Edmonton.
Mr Piccone said the family was leaving a legacy for their children with the shopping centre properties.
He said they were pleased that a family-owned and operated company was buying the supermarket businesses.
Mr Piccone said the 260 supermarket staff and 40 at the hotel would be retained while a couple of administration staff at the head office would lose their jobs.
He said Peries would retain their supermarket general manager Trent Haddow to run the two supermarkets. Peries also owns 11 other supermarkets in Queensland.
The supermarket deals are due to be settled next month while the hotel contract would be finalised in mid-October.
Mr Piccone said all three businesses had been successful. Edmonton was the original supermarket and shopping centre started from a general store established by their grandmother in 1956 and taken over by their father Lou.
In 2004 the Piccones bought the Pease St shopping centre of 6.5ha from the Chapman family and built a new supermarket with additional tenancies including medical centres and a pharmacy over the years.
The Piccone brothers got involved in the family business in 1990.
“We’ve grown massively over the years,” Mr Piccone said.
“We’ve been very fortunate, well supported by the locals, the staff have been amazing and the loyalty of customers has been fantastic,” he said.
“We’ve been very fortunate to have grown as we have.”
Mr Piccone said he had “no problem” selling.
“I feel we have proved what we’ve done and what we have achieved and have given back so much to Cairns and Far North Queensland,” he said.
“It’s been our duty bred into us by our father and mother.”
Mr Piccone said over the past 34 years the family had donated $10 million to the community through their three major businesses.
He said they would not be able to offer the same generosity after the supermarkets sell but they would do what they could in the future.
