David Jones clearance sale, what went wrong?

[{"selector":"#anim-441a54b5-48cd-49f6-8d9e-66948b73f29e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] SOUTH Africa’s Woolworths Holdings has ended its direful affair with David Jones, selling the 184-year-old upmarket department store to... Read more

[{"selector":"#anim-5fea75fb-bcb8-492b-96f5-a89af2edda2d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] It has been speculated the business is selling for a price tag in the vicinity of just $100 million to $150 million. Read more

[{"selector":"#anim-59328d6f-fb0f-493d-9edf-42f622f46cf9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] South Africa-based Woolworths Holdings acquired David Jones in 2014 but incurred hefty writedowns of more than... Read more

[{"selector":"#anim-6ed57d6e-dd01-42f7-a201-1cc7f3bf151e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] What has now sold is a shadow of the high-end department store that in the halcyon days dominated CBD retail and... Read more

[{"selector":"#anim-1dd46abf-2b48-4a5e-b5b0-71fd7d7fdcdf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “The strategic rationale at the time of the acquisition did not materialise to the extent originally envisaged,” Read more White Scribbled Underline

[{"selector":"#anim-a11513e1-4f60-4ffa-b5f7-86739056f575 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “While David Jones has successfully executed on its turnaround, notwithstanding the COVID-19 disruptions, now is the... Read more

[{"selector":"#anim-4088659a-2cfb-4d60-8ed5-221230e8ca90 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Despite the COVID disruption, sales of luxury goods in Australia grew by 5.1% per annum between 2017 – 2022 to $4.6 billion, according to... Read more

[{"selector":"#anim-c8fc4caf-be65-4bf9-a015-44ed92487969 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] But in the past eight years David Jones was pursuing a retail strategy which no longer differentiated itself from Myer... Read more

[{"selector":"#anim-034e799c-993e-4215-ac17-b2582787c36b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Overseas high-end labels saw the opportunity and cashed in by increasing their physical footprint in Australia with... Read more

[{"selector":"#anim-d3a8c8ad-9019-47df-9f03-289ae6f3d144 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] David Jones was also slow to redefine its luxury retail experience and engage with younger (millenials and Gen Z) cashed up consumers... Read more

[{"selector":"#anim-b539847c-a5a3-4dc0-a4ae-0938cdd6282c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Bain & Co predicts the luxury goods market will be “recession-proof” in 2023, in partly due to millennial and Gen Z consumers. Read more

[{"selector":"#anim-f81531bc-5921-4718-9596-b0a65dcda6f3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] At the same time high-end brands are investing to engage cashed up millenials and Gen Z consumers, even ecommerce giant Amazon regularly hosts Instagram... Read more

[{"selector":"#anim-09a139a7-8722-4628-abeb-91498f360d6c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] David Jones’ new owners, Anchorage said CEO Scott Fyfe and the management team will stay on. A spokesperson for Sydney-based private equity firm... Read more

[{"selector":"#anim-44bfbe31-d9f5-40fa-8d4c-7a15de7639a9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Woolworths Holdings sold multiple properties over the years, including the David Jones menswear store at 299 Bourke Street two years ago for... Read more

[{"selector":"#anim-c034e32a-da66-4cd2-96b4-7bbf65ab85fa [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] In a similar move, the Elizabeth Street store had reopened at the end of 2019 year following a $200 million revamp resulting from... Read more

[{"selector":"#anim-64360f41-8040-4b1d-9df5-3ced675aed2e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Shortly before a campaign was launched for 299 Bourke Street, Woolworths revealed that to save on costs it would slash David Jones floor space by... Read more

[{"selector":"#anim-00be646a-e2bb-4357-8fdd-b718a1ab5149 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The significant fall in CBD activity throughout the pandemic forced Woolworths Holdings to close the iconic David Jones food hall and... Read more

[{"selector":"#anim-5506062b-5f5b-4058-80a5-aa4ff424215d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Included in the Anchorage deal are two distribution centres. Woolworths Holdings will retain Country Road Group, which includes the... Read more

[{"selector":"#anim-e80e6178-a0b9-4234-99e0-8d9612b406e2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The deal with Sydney-based Anchorage has been in the works for some time. Allegro Funds had reportedly offered $400 million for... Read more

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