You are viewing:-
you're reading...
1.Market Observations, 8.Was Sticky

3 Aug 2019 (AFR) – Department stores no longer a ‘destination’

(3 August 2019, AFR, p6, Simon Evans and Tim Boyd)

‘David Jones and Myer need to move faster in closing and shrinking their stores as spending rapidly shifted online, warned experts who said the appeal of being a ”destination” faded years ago. The malaise in department stores was reinforced on Friday when Australian Bureau of Statistics’ June retail trade figures showed department stores were the only segment to show a contraction in turnover. Although overall turnover for the month rose 0.4 per cent in seasonally adjusted terms – marginally beating economists’ forecasts – sales in department stores fell 0.6 per cent, the only division to contract over the month. The June figures from the ABS also show that online retailers were contributing a bigger slice of the turnover pie compared with a year ago.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

About robertbrain

Brainy's Share Market Toolbox. Read the honest truth about the sharemarket. Develop or fine tune your investing/trading strategies using share price charts (technical analysis), or learn about the investment strategies of others. Melbourne (Australia) based - supporting share market investors and traders to build wealth through smarter investing using my Share Market Toolbox arsenal of weapons to tackle the market.

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: