Warehouse to become mall rat?

Listed retail juggernaut The Warehouse is not saying whether it has lodged an offer for Australian retail giant Coles Myer's local Kmart stores - a move that would give the standalone chain a mall presence.

In Australia Coles Myer stock has gained some support after it indicated it would sell its loss-making New Zealand operations Kmart and Katies.

The Warehouse has been the only suggested buyer for Kmart's 11 local stores.

"Any sale would be on The Warehouse's terms - with Kmart sales falling, the red ink's flowing heavily on the Coles Myer [balance sheet]," one analyst said.

The Warehouse earlier bought the purpose-built Wanganui Kmart site and refitted it.

Analysts believed The Warehouse could come up with the cash to buy Kmart despite its recent buying spree across the Tasman.

The Warehouse announces its annual results on Monday.

- Nicholas Bryant

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Fonterra appoints permanent COO
Manawa Energy FY24 Annual Results & Webcast Details
Seeka Provides the Results of Meeting - ASM
April 19th Morning Report
PGW Guidance Update
CNU - Commerce Commission releases draft expenditure decision
Spark announces departure of Product Director
TGG - T&G appoints new Director
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER