Woolies Results Not Up To Expectation And Store Closures Are Ahead
It’s been a challenging year for one of our big retailers, Woolies, who have announced a reduction in net profit of 7% and a sales shortfall of $200 million against market predictions. Big W has once again featured in the negative column with a staggering loss of $85 million, despite an increase in sales, reinforcing the group’s earlier decision to close 30 unprofitable stores. This will mean a loss of over 1000 jobs, which unfortunately is always the outcome when businesses close their doors. It looks like a tough few years ahead for both Woolies and Coles as Aldi continues to grow and the big new player Kaufland starts to enter the market.
Roger talks with Ticker TV’s Ahron Young, regarding the above as well as other challenges facing retailers such as the changing shopping habits of customers, the high costs associated with running bricks and mortar stores, technology and why the big players such as Woolies, Coles, Myer and DJ’s are downsizing some of their stores.