Bunnings killing Masters in the car park
This morning, Woolworths (ASX: WOW) announced growing losses from its Masters hardware stores. Whilst sales were up 24% to $930m, the chain lost $245.6m. Last week, Masters’ major competitor Bunnings revealed a profit of $1.1bn on sales of $9.5bn, up 11.6%. A car park in Lismore in northern NSW reveals the extent of Woolies’ problem. In February, Masters opened a new store in the town, right next door to Bunnings. This morning, I went to take a look (see above). The problem was obvious before entering the store. There were just 49 vehicles, only three of which were UTEs. Oddly, more than half were parked well away from the entrance. My guess is that employees from the industrial estate across the road were taking advantage of fresh, unoccupied concrete. Read full article here: (VIEW LINK)
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