JUST IN: 60 Big W stores tipped to CLOSE - is your local one on the list?
All the info!
Big bargain chain store, Big W could be forced to close a third of its 183 stores Australia-wide, it was revealed today.
Macquarie Wealth Management revealed the news in a client note today, stating that Big W may close 60 stores Australia wide after losing $110 million last financial year and $8 million in the first half of 2019.
‘Partial closure of the most unprofitable and shorter lease stores is more likely,’ Macquarie said in the note, revealed in The Australian newspaper.
It was also revealed that half of Big W’s stores were located in challenging regional areas, which some believe could be hit by store closures if they were to happen.
‘It is unlikely these locations will enable Big W to regain the momentum required for profitability,’ Macquarie said.
‘In a challenging retail environment, we see a reduction in store count as the most likely outcome from the review. Given the format of Big W stores, we believe it would be difficult to reduce space as Myer is doing and that outright store closure is more likely.’
A spokeswoman for Woolworths, who own Big W, said a final decision had not been made as yet, according to New Idea Food
‘At our half-year results in February we announced a national review of our Big W store and distribution centre network,’ she said.
‘The review is ongoing and no decisions about our network have been made. We will update our team members and the market once the review has been completed.’
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