The brothers are co-managing directors of the Fox and Lillie Group and the Corowa store is part of an expansion into NSW by the wool broking firm with new stores at Wagga, Gunning and Tamworth forming a network in prime, wool-growing districts.

James Lillie said the company expansion during its 76^th year was a clear reflection on its faith in the continuing future of the Australian wool industry.

"We are in interesting times but we have been through downturns in the market before and recovered," he said.

"Currently the market is nervous and we haven't been able to get some momentum because of the unrest globally."

Mr Lillie said China was the biggest market, taking around 80 per cent of the clip, and more than 40 per cent of the processed wool was consumed within the domestic market.

"The Chinese economy is in a state of flux and consumers are reluctant to spend," he said.

"But we are positive about the future and we want our company to be a part of the continued expansion of the wool industry, as diversified markets come into play.

"We are the third generation in the company founded by our grandfather and that is very exciting."

Jonathan Lillie said the opening of the wool store at Corowa was in direct response to the increased business developed by Jenni Breddon, who as the manager of the fledgling Fox and Lillie store in Culcairn started with "zero clients".

"It has been due to her commitment at Culcairn that our business outgrew that store," Mr Lillie said.

"Jenni had a vision for a much bigger store to service the eastern Riverina and based in Corowa, when she showed us the old Header World site which had been closed.

"This building was dilapidated when we first took it over but we are gradually renovating it so it becomes the hub of Corowa wool handling."

Mr Lillie said the store had become a preferred local delivery point for woolgrowers in the Corowa and surrounding regions.

It offers private buying and wool brokerage services, with full AWTA testing and storage facilities.

"We have now commenced stage two of our new development under our planning manager Michael Studderd," he said.

"The dedication and diligence showed by Jenni and Scott Breddon in making this store a reality has been unwavering.

"With this continued dedication from our loyal staff at Corowa, we have all the foundations to make Corowa the wool hub of the eastern Riverina.

"Gavin Corbett is proving a steady pair of hands on the buying side after 35 years at Skipton.

"Our company's belief in wool as a fibre remains strong and although we are facing hard times on the demand side we will stay focused serving the wool growers who are striving to add value to their business.

"Like many of you, we are a family business started by my grandfather in 1948."

Special guests included Julie Davies, the general manager of processing and innovation at Australian Wool Innovation, and Chris Howie, the CEO of the RMA Network, Bendigo.

Each spoke on their positive thoughts on the future of the wool and Merino sheep industry.