Australia faces a humiliating retail calamity

Australian retail is facing an impending fiasco. Rising internet sales mean stores can’t pass on higher costs imposed by the last government, and legions will be out of work.

I have just had the benefit of some detailed discussions with one or two top Australian retailers and I have concluded that the Australian community is ill prepared for what is going to happen to large chunks of the non-food retail sector in the next two years.

Not only will the value of investments in strip and many shopping centres fall – affecting the fortunes of many retirees – but also employment will be significantly reduced.

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