FORMER Mr World Grant Mayo (pictured) is building a nutritional supplements empire from the Gold Coast.
Nutrition Warehouse, established by Mayo in 2008, has grown revenue 152 per cent over the past three years to $10.4 million, tripling its workforce in the process.
Mayo has tapped into the fast-growing healthy lifestyle industry, expected to be worth $2.055 billion in five years’ time.
IBISWorld research estimates the spend on food, drinks and dietary supplements will reach $292 million this financial year, growing to $326.8 million by FY18.
“Being an ex-bodybuilder myself, I have been using supplements for many years and I knew there was a significant gap in the market,” says Mayo.
“The vision is to be Australia’s largest, and best, supplier of nutritional supplements and vitamins.”
Mayo established the Nutrition Warehouse in Brisbane in April 2008 before relocating to the Gold Coast in 2010 after a successful career as a professional bodybuilder.
The company has nine retail outlets operating in Brisbane, Sydney and the Gold Coast, plus a successful online presence.
New retail outlets in Brisbane and Sydney are expected in early 2013.
The former Mr World 1997 and Mr Australia 1997, 2000 and 2004 title holder attributes the strong growth to the warehouse-style format and the expert staff.
“We stock the industry’s leading health and supplement brands and we can attribute a large part of our growth in recent years to the success of the warehouse style format – offering big brands at warehouse prices,” says Mayo.
“My staff members are competitive body builders, fitness enthusiasts and boxers, and know and use the products that they sell.”
Finding the right balance between online and bricks-and-mortar has proved an important step for the business.
“Our size and diversification between the online and physical retail aspects of the company has increased our buying power, reduced our overheads and created significant efficiencies across the business,” says Mayo.
Mayo says he is focused on ensuring his company’s growth is sustainable and store locations are researched extensively so as not to saturate the market.
“While we are very optimistic about the future, we are also conscious that we need to keep our feet on the ground and manage our growth and success carefully.”