Financial Review Rich Lister Raphael Geminder is sitting on a $24 million paper profit at The Reject Shop after its shares rose almost three-fold amid the worst retail conditions in 30 years.

The Reject Shop's strategic shift towards consumables such as cleaning products, groceries and toiletries during the coronavirus pandemic could not have been better timed, and its decision to keep stores open rather than close shops and take JobKeeper subsidies, has paid off.