The question mark floating over Harvey's empire

Harvey Norman’s e-tailing strategy is still in its infancy, and today’s result shows how vulnerable the group will be if retail conditions don’t improve.

Gerry Harvey’s unique retailing model worked brilliantly in the period before the financial crisis when consumers were drawing on their home equity and future earnings capacity to spend up big. It’s not working anywhere near as well in today’s more conservative environment and the real question is whether the model is broken or just waiting for consumers to stop saving and start spending.

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