Coles and Woolworths included will continue to do well in the long term with significant population growth via immigration growth (I don't agree with the gov policies on it personally but I'm not going to turn it down as an investment). It's why such large corporates advocate for 'immigration growth'. Australia is amongst the highest (unfortunately) in the OECD nations.
Secondly WES has diversified earnings. I agree bunnings maybe saturated here in Aus, but that is exactly why they are going to the UK to repeat a highly profitable and successful business. I think it's a smart move. Bunnings YOY rev growth has been great, however the market knows that masters may impede that this FY. So this years financials won't necessarily indicate that bunnings has stagnated. I'm SA based and I can tell you that bunnings is always packed in the eastern SA surburbs.
Office works is fine, but it's still small on the EBIT, as with Kmart, offset with target. I didn't invest in WES for any of these minor companies.
I don't think amazon will be the disrupter you think it will be. Personally I couldn't imagine ordering online, rather all my hardware, house renovations odds and ends, as well as food store bought... anyone I speak to agrees.
The only real shift I see in retail is clothing. I know many switching, but couldn't imagine doing food and bunnings related items.
My thoughts.. will see what happens over the next few years.
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