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Retail

Can’t beat ’em, so join ’em

Opinion: A giant US retailer has embraced online sales and boosted its profit.

Reid resigns as Cashies improves profit

Cash Converters International has posted a $22.5 million profit for the 2018 financial year, while also announcing the resignation of chief executive Mark Reid.

Forrest Chase developer wins legal fight

The $110 million redevelopment of Forrest Chase is set to proceed unhindered after the Supreme Court granted an injunction against the owners of a neighbouring cafe, who had blocked work by head contractor Lendlease by staying open all night.

Wesfarmers in $350m KTAS sale

Wesfarmers has struck a deal to sell its Kmart Tyre and Auto Service (KTAS) business to German company Continental AG for $350 million.

Raine Square confirms new tenants for stage 1 launch

Two high-end restaurants will join a 12-screen cinema as tenants in the $75 million Raine Square redevelopment project, the first stage of which is set to open in September.

KFC expansion swells Collins Foods profit

Collins Foods, Australia's biggest KFC franchisee, has lifted full-year profit by 16 per cent, buoyed by the addition of new stores to its network, and despite the Western Australian market being an under-performer.

Metcash shares lift despite $150m FY loss

Metcash shares have rallied after the supermarkets wholesaler announced a $125 million share buyback alongside an impairment-driven full-year loss of $149.5 million.

Kambo's into administration

Customers of local whitegoods and home appliance retailers Kambo’s and Liebe + Haus have been told they will need to wait several days before finding out if their credit purchases are still valid after the two jointly-owned businesses were placed into administration on Friday.

Cashies in $40m raising

Cash Converters International has boosted its coffers with a $39.5 million capital raising, with the proceeds set to strengthen the company’s balance sheet and be used to reduce debt.

Wesfarmers abandons costly UK move

Wesfarmers has sold its struggling Homebase business for a nominal sum, with managing director Rob Scott confirming the UK hardware company has cost the conglomerate about $1.3 billion.

AHG slumps on trading update

Shares in Automotive Holdings Group slumped today after the company flagged challenging market conditions and a drop in retail margins due to regulatory changes.

WA shopping centres go solar

Two shopping centres in Perth’s north have been included in a $28 million solar power project being undertaken by ASX-listed Vicinity Centres, which is forecasting the creation of about 40 local jobs.

Wesfarmers leadership changes

Wesfarmers has announced two leadership changes today, with Officeworks chief executive Mark Ward set to step down at the end of the year, while former New Zealand prime minister Bill English has been appointed to the board of the Perth-based conglomerate.

Thermomix hit with $4.6m court fine

Perth-based kitchen appliances firm Thermomix has been ordered to pay $4.6 million in penalties after the Federal Court of Australia found that the company misled customers when its products were found to be dangerously faulty.

Bringing Wesfarmers back to health

Wesfarmers could find the healthcare sector offers more appeal than retail, as US giant Walmart makes its own moves in that direction.

Thriving market for modest fashion

The market for modest fashion in South-East Asia is attracting attention as a potential export destination for a range of local designers, with dramatic growth expected in the next decade.

Board Moves: John Gillam, Kim Horne

Former Bunnings managing director John Gillam has been named as the incoming chairman of building products company CSR while Macmahon Holdings has bolstered its board by recruiting former Alcoa executive Kim Horne.

Wesfarmers cuts off costly tail

Opinion: Wesfarmers will be a much smaller business after the Coles spin-off is done.

David Jones makes a move in Mandurah

The growing spectre of online shopping has not deterred one of the country’s largest retailers from investing in its bricks-and-mortar assets, with David Jones opening its fifth Western Australian store today as part of the final chapter of Mandurah Forum’s $350 million redevelopment.

Riverton Coles sells for $32m

A private interstate investor has purchased the Coles complex in Riverton, which includes a supermarket, a First Choice Liquor, a TAB and a 300-bay carpark, for $32 million.

Retail sector feeling the heat

Analysis: The franchising model could become the latest victim of the pressure being heaped on the retail sector.

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