Harris Farm Markets is preparing for its next major phase of growth, with plans to open approximately 10 to 12 new stores across Australia after annual sales surpassed the $1 billion mark.

The privately held, family-owned premium grocer, which operates primarily in New South Wales, is simultaneously strengthening its corporate governance to match its expansion ambitions. The company has appointed another independent director and continues to search for a third external board member, according to reports.

The latest financial results underscore the momentum behind the expansion push. Revenue rose to $925.5 million for the 12 months to June 29, up from $789.7 million in the prior year. Losses narrowed significantly over the same period, falling from $22 million to $11.4 million, though the company remains unprofitable as it continues investing in growth.

Harris Farm opted to remain privately owned after deciding against bringing in external equity in calendar year 2022, despite reported interest from investment firm Coogee Capital. That decision preserved the family's full ownership as the business scaled toward the $1 billion revenue milestone.

In recent years, the retailer has broadened its merchandise range well beyond its core fresh produce offering, adding groceries, deli items, liquor, and other categories. This diversification strategy is aimed at differentiating Harris Farm from Australia's dominant supermarket chains, Woolworths and Coles, which together control the majority of the national grocery market. The market is among the most concentrated in the developed world, and the duopoly has faced heightened scrutiny from regulators and lawmakers over pricing practices and supplier relations, creating space for alternative retail models.

The appointment of additional independent directors is expected to bolster board-level oversight as the company enters a new stage of operations. Harris Farm was founded in 1971 by the Harris family and has built its brand around fresh produce, specialty grocery lines, and a focus on local and independent suppliers.

The planned store rollout would represent one of the most significant expansions in the company's history, extending its footprint beyond its established New South Wales base. The expansion would test whether Harris Farm's premium fresh-food positioning and curation-driven format can translate to other states where it lacks existing brand recognition.