Geddit, a retail store outlet that provides appliance rentals, and retails appliances are set to close it’s 5 stores over the next 2 months. Geddit had only appeared in NSW in the past 2 years and had a short stint of running before now closing both retail stores and online.
The parent company behind Geddit was Adelaide based Radio Rentals Limited, which is also closing down all of its stores after 70 years. The South Australian Radio Rentals brand is not associated with Radio Rentals stores owned and operated by the Thorn Group in states other than South Australia. In South Australia, Thorn Group stores trade as Rentlo Reinvented.
Written on the Geddit website “This comes as part of a wider decision taken by gedd!t’s parent company, the long-established Adelaide-based Radio Rentals Limited, which is closing all of its retail store operations in the states it operates in.”
Geddit has a mixed model and wanted to be everything to everyone. They wanted to be JB Hi-Fi by selling appliances, but Geddit prices were a lot higher than JB Hi-Fi, Bing Lee and Harvey Norman, so that was never going to go anywhere.
Geddit’s rental business competes with Radio Rentals but brought nothing new to the consumer except very inflated repayment amounts. A Sony 55″ TV would be on contract for $995 but the end result of renting to own for 3 years was a price tag of $3081.
What surprises me is that Geddit decided to even try in the rental market. Right now Radio Rentals overall sales are declining hard and nothing is changing that. It’s not just Radio Rentals bad brand image that has customers turning away, it’s the mere fact that Afterpay, Zippay, and Openpay exist, allowing consumers to get something now, and only pay a fraction of the cost, allowing them to pay the remaining over a period of time.
That’s certainly more affordable than being locked in a contract for 3 years and having to pay hugely inflated prices.
Now that Radio Rentals South Australia has gone, Geddit has gone, we now need to pull the Thorn out of our side and say goodbye to the Thorn Group and Radio Rentals in NSW and other states.
Radio Rentals as a whole is bad business for the consumer, you need to really see Radio Rentals and Thorn Group as a bunch of sharks out to grab your money for as long as they can.
Related Link: https://www.geddit.com.au/announcement/