Money Target to close dozens of stores in 'boutique' shift

20:52  07 june  2018
20:52  07 june  2018 Source:   smh.com.au

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Wesfarmers' CEO of department stores , Guy Russo, said that having stabilised Target 's earnings and reset its cost base, after it ran at a 5 million loss in 2016, the group would further improve profitability by closing underperforming stores when their leases expired.

Wesfarmers' CEO of department stores , Guy Russo, said that having stabilised Target 's earnings and reset its cost base, after it ran at a 5 million loss in 2016, the group would further improve profitability by closing underperforming stores Thailand boat capsize leaves dozens dead. 0:0 Комментарии.

Target has been a problem child for the Wesfarmers retail conglomerate.© Bloomberg Target has been a problem child for the Wesfarmers retail conglomerate. Target will close dozens of stores in an effort to reduce its footprint by 20 per cent over the next five years and create a "boutique" fashion chain competing with fast-fashion giants H&M and Uniqlo.

The brand, which has 305 stores across Australia, has been a problem child for the Wesfarmers retail conglomerate and the ugly sister to the group's department store powerhouse, Kmart.

Wesfarmers' CEO of department stores, Guy Russo, said that having stabilised Target's earnings and reset its cost base, after it ran at a $195 million loss in 2016, the group would further improve profitability by closing underperforming stores when their leases expired.

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“We’re not going to go after size any more, and we’ll just be a nice new boutique retailer that plays in mid-tier, and I’d like to make sure it's a profitable mid-tier business," Mr Russo said at a Some Target stores would be converted to the more profitable Kmart brand where it made sense, Mr Russo said.

SAN ANTONIO -- Target will close a dozen stores next year, including one in San Antonio, and Nutella was caught secretly changing its recipe. Goodwill Goes High-End, Opens Dozens Of Upscale ‘ Boutique ’ Locations. Talarico said the shift in the popular thrift shop was made to compete with

“We’re not going to go after size any more, and we’ll just be a nice new boutique retailer that plays in mid-tier, and I’d like to make sure it's a profitable mid-tier business," Mr Russo said at a Wesfarmers investor briefing day on Thursday.

Mr Russo said Target was continuing its shift away from its traditional market position as a rival to Kmart and Big W to a more fashionable brand in the mould of foreign fast-fashion giants H&M, Uniqlo and Zara.

“They’ve stopped their growth [in Australia] but they’re enough for my team to be inspired around fashion, quality and their fabrics," he said.

He said he had given his design teams a mandate to improve quality and style, while dropping prices compared to the fast-fashion competitors.

Why Target is shrinking to take on H&M, Zara and Uniqlo

  Why Target is shrinking to take on H&M, Zara and Uniqlo Forget Big W and Kmart, discount department store Target wants to take the fight to international fast-fashion giants H&M, Zara and Uniqlo.Outlining a plan to revitalise the struggling retail chain on Thursday, Wesfarmers department stores chief executive Guy Russo said he’s no longer talking to the Target team about sister brand Kmart and Big W as their key competitors.

of department stores , Guy Russo, announced at the Wesfarmers investor day that it would close dozens of Target stores around the country in an effort to Instead it will create a “ boutique ” fashion chain competing with fast-fashion giants H&M, Uniqlo and Zara, shifting away from its traditional

Targeted to close dozens of stores in the song ' boutique ' Target will close dozens of stores in an effort to reduce its footprint by 20 per cent over the

He said "mid-tier" shoppers made up the biggest part of the $83 billion a year apparel, homewares and children's goods markets that it played in, which was why Target could do well while higher-end retailers struggled.

Some Target stores would be converted to the more profitable Kmart brand where it made sense, Mr Russo said. Kmart would continue to open eight to 10 new stores a year, meaning total store numbers would remain relatively flat across the two brands.

Wesfarmers' department stores had total sales of $8.5 billion and wanted to grow that to $10 billion by tapping into offshore opportunities.

Already it is wholesaling its private-brand products to Robinson department stores in Thailand and Indonesia, which Kmart's boss, Ian Bailey, said was a learning exercise for targeting growth markets overseas.

“If you think about us as a product company then it’s the obvious thing to do - it'd be almost crazy not to," he said. “How big is the prize? Well the world’s enormous. I think there’s potential in the long run."

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