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Gerry Harvey bought $8.7 million worth of Harvey Norman shares as the share price tanked

Photo: Harvey Norman – Moore Park Supa Centa/ Steve Mavin via Google Maps.

Two Harvey Norman executives just sold $2.56 million in shares between them.

Managing director Katie Page sold shares worth $1.06 million on Friday. Page is the wife of founder Gerry Harvey.

Executive director David Ackery sold shares worth $1.5 million on Monday.

That saw Harvey Norman shares fall more than 8% on Monday — biggest decline in five years.

Off the back of the price dip, executive chairman Gerry Harvey bought 2 million shares worth $8.7 million. Harvey Norman closed the day down 8.2% at $4.36.

On Monday a report by Credit Suisse named Harvey Norman as one of four listed retailers most exposed to Amazon’s expansion. Myer, JB Hi-Fi and Super Retail Group were also cited.

The research shows Amazon will likely reach a better than 5% market share in many retail categories within five years of arriving in Australia.

“Amazon is likely to cause a fall in prices in some categories that either generate excess profit or where the existing Australian cost structure is excessive — excess profit and excess cost both being reduced,” says Credit Suisse.

It also said the company’s earnings could fall as much as 9%, depending on Amazon’s impact.

Amazon has not yet officially signalled a move into Australia, but there have been increasing reports of the giant US online retailer preparing for an entry here.

The company has been recruiting for new roles related to its retail operations and also reportedly seeking warehouses.

Additional reporting Chris Pash.

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