Australian Nightmare as reknown retails closed in 2016

cathie By cathie, 17th Dec 2016 | Follow this author | RSS Feed | Short URL
Posted in Wikinut>News>Business

Nightmare for Australian retails this year as the nation best known retail brands closes from the market one after the other.

Australian Nightmare as Payless Shoes, Dick Smith Electronics, and Master home improvement chain retails closed in 2016

It is a big nightmare for Australian retails this year as the nation best known retail brands closes from the market one after the other.

According to experts, things will only worsen if business leaders and governments do not take the right action to save the economy.

Dick Smith Electronics was the first retail to close, then Woolworth which owned Masters home improvement chain still went under leaving thousands jobless. Thousands of more workers will soon be unemployed this Christmas after Payless Shoes announced its intention to close the corporate by the end of February.

Treasurer Scott Morrison denied the latest bad news to bolster the tax reform agenda, now the market watchers say that much more need to be done.
The retail analyst Barry Urquhart of Marketing Focus said that the corporate leaders and the government both have no knowledge about the attitudinal recession that has been restraining businesses.
Despite the nation having marked its worst quarterly performance since the global financial crisis, now Australians fear about their future. Any other business that remains with public imagination offering, compelling and value-driven offering would only fall off the market.

In 1980 Payless Shoes opened its first store in Sydney and is one of the biggest independent shoe retailers in Australia. However, the company has been struggling for years, and it was only saved from extinction by Payless Shoes Source, the United States in 2013 when it bought it out.
Losing $10.2 million in 2014 and $10.8 million in 2015 has been a major setback.
The private equity firms behind the Payless Shoes acquisition finally revealed the news towards the end of last week, placing the discount chain into voluntary administration.
The consumers now are asking about the innovation, creativity and the excitement which they cannot see the business landscape,” said Barry Urquhart. There has been a decided lack, lack of imagination, or absence of new product. That is one reason as to why this Christmas is going to be a very flat and with an uninteresting situation. It is relatively boring, dull, repetitive and that is not the sort of thing that will stimulate the emotion nor capture the people's imagination.


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