Much-loved discount retailer Kmart unveiled its 200th Australasian store in Perth last week, reports the West Australian, marking a significant milestone for Wesfarmers-owned department store, which has established dominance in the discount department store space over the past five years.
Kmart’s success has been so prominent the retailer has been accused of “cannibalising” other Wesfarmers-owned department store brand Target, raising concerns over Target’s future as it continues to operate in the shadow of the burgeoning Kmart.
“Today, Kmart is where Target was seven years ago, with Kmart’s first-half earnings in 2016 at $319 million, while Target has slumped to $74 million. Quite simply, Target lost its way and confused its core customer,” wrote retail analyst Gary Mortimer in 2016.
Similarly, Woolworths’ big box retailer Big W has come upon hard times in recent years, recently launching a turnaround strategy retail experts called the company’s “last chance” at a comeback. The
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