An Adelaide man who was rejected by a supermarket giant before working as a trolley collector has entered Australia’s top 250 after building an $827 million empire.
Roger Drake is the founder of independent chain Drakes Supermarkets, which operates 60 stores in South Australia and Queensland.
He came in at number 173 on the list, which was published by The Australian Friday, after sales for its grocery chain reached $1.18 billion in 2023, according to documents filed with the corporate regulator.
Mr Drake bought his first supermarket in Adelaide 50 years ago, initially calling it Jack & Jill’s, overcoming setbacks and even rejection from another supermarket giant.
Roger Drake bought his first supermarket in Adelaide 50 years ago, initially calling it Jack & Jill’s, before Drakes Supermarkets was born
“I had visions of becoming a doctor, but my parents couldn’t afford to send me to university, so I applied for a job at Woolworths supermarkets,” he said SALIFE in 2022.
‘But they said I wasn’t suitable for retail. I went across the street and got a job at Coles – collecting trolleys.”
After rising through the ranks to become a manager at Coles, Mr Drake quit his job and bought a small shop in Mitcham for $29,000.
“When I made the decision to open our first store, I thought that both Coles and Woolworths all started as independents with one store,” he said.
‘The vision was always to grow the business so that I could compete with the multinational chains.
“Because we had one store and were independent, we had the flexibility to serve the local community and brought in a lot of local produce.
“Every day we opened the doors, we made sure we exceeded customer expectations.”
He just missed out on the list in recent years, but thanks to hard work, Drake has now returned to the ranks of Australia’s wealthy elite.
Roger Drake built his $827 million empire after being turned down for a job at supermarket rival Woolworths
He hasn’t appeared on the list in recent years, but through hard work Mr Drake has regained his place among the ranks of Australia’s wealthy elite (pictured, with his son John-Paul Drake)
The supermarket chain’s latest financial statements showed a 3.3 percent increase in sales last year, with Mr Drake making a net profit of $36 million.
The richest South Australian on the list was Chris Thomas, owner of Thomas Foods International, the largest family-owned business in Australia.
It landed at number 82 after its meatpacking plants in South Australia, NSW and Victoria turned over more than $2.7 billion.
Gina Rinehart, president of Hancock Prospecting, came in at number one after posting $5.04 billion in profits in the 2023 fiscal year.
The list included 159 billionaires, including 25 newcomers to the ranks, and 20 people aged 40 or younger.