Woolworths Group says it is considering ‘all options' to unlock value for luxury retailer David Jones after a tough spell during the pandemic, with Andrew Forrest a reported suitor.
David Jones chief executive David Thomas has resigned after almost 18 months in the role and just weeks after results showed an improved first-half performance.
Scentre Group is set to lift the curtain of its $350 million Westfield Carousel redevelopment at the end of this month, which will feature a new rooftop dining and entertainment precinct as well as an additional fashion mall, anchored by David Jones.
Department store sales helped retail spending rebound sharply in February, but economists aren't getting carried away by the surprisingly strong result.
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.
David Jones' South African owner Woolworths will take a $713 million write-down on the value of the department store chain as Australia's tough retail market bites harder into the business.
You don't have to be a retailing expert to sense the sea change under way in shopping, but what you might not appreciate is that the first shots have been fired in what could become one of the great Australian retail mergers, with Myer and David Jones becoming one business.
SPECIAL REPORT: Slower growth in discretionary spending is a challenge for some local fashion hopefuls, but export markets and tech-style accelerator programs are presenting opportunities.
Already facing intense price competition from Aldi, supermarket giants Coles and Woolworths could lose some of their high-spending customers to David Jones' new upmarket food stores.
Preparations are being made for international fashion giant H&M to open its long-anticipated second store in Perth, while the Plaza Arcade is in line for a $6 million revamp to make room for another flagship global tenant.
Dick Smith will close every one of its concessions in David Jones department stores next week as the receivers seek a buyer for the ailing electrical retailer.
The traditionally dominant players in Australian retail are being forced to reinvent themselves in the face of increased competition – from each other, and a host of international raiders.
It's easy to understand why South Africa's Woolworths is currently being seen as a winner with its $2.15 billion takeover offer for David Jones, but it's also interesting to wonder whether Woolworths will be seen as a winner next year.
You don't have to be in retail to know that times are tough for shopkeepers, their staff and their landlords, but what you might not know is that conditions are probably going to get worse before they get better.
David Jones has been been approached by a UK investor, believed to be EB Private Equity, with a takeover proposal that reportedly puts an enterprtise value on the retailer of $1.65 billion.
David Jones Ltd has confirmed it will triple the size of its Claremont store to 30,000 square metres by early 2011 to tap into Perth's increasingly affluent western suburbs' demographic.
As the state's economy surges into unchartered prosperity, Western Australians are reaping the benefits of a bumper past few years and indulging their love for the good life.
THE takeover of WA retailing icon Aherns by David Jones has not been a one-way affair, with the national retailer adopting local ideas with great success.
