David Jones says retail spending up significantly, more boutiques planned
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David Jones has brushed off suggestions it will head downmarket under its new owners, and says it aims to build more boutique stores amid continued economic uncertainty.
Chief executive Iain Nairn, who was appointed in August after the AUD2.1 billion takeover of David Jones by South African retailer Woolworths Holdings, said its tracking of about AUD30 billion in retail spending showed “significant” growth in year-on-year spending.
“The customer is spending and we’re making good market share gains, particularly in the department store sector,” Nairn said.
Questions & Answers
Q.What is David Jones' strategy regarding store format, despite current economic conditions?
What is David Jones' strategy regarding store format, despite current economic conditions?
David Jones plans to build more boutique stores, even with continued economic uncertainty. This strategy is part of their effort to avoid going downmarket under the new ownership, as stated by their chief executive.
Q.Who is the new owner of David Jones, and when was the acquisition completed?
Who is the new owner of David Jones, and when was the acquisition completed?
South African retailer Woolworths Holdings acquired David Jones in August, in a deal valued at AUD2.1 billion. Following this takeover, Iain Nairn was appointed as the new chief executive of David Jones.
Q.What has David Jones observed about overall retail spending in the market?
What has David Jones observed about overall retail spending in the market?
David Jones' tracking of approximately AUD30 billion in retail spending indicates significant year-on-year growth. The chief executive noted that customers are spending, and the company is gaining market share, particularly in department stores.
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