I think SUL is in a fairly decent position in Australian retail but has been priced at a significant discount compared to other listed retailers. Maintaining margins depend on the health of the economy and their competition.
REBEL has no serious direct competition.
BCF has limited serious competition except for maybe Anaconda which has never really worked out who its target market is.
Supercheap has a few direct competitors but seems to be the most successful IMO as a cheap auto and tools store.
Macpac is head to head with Kathmandu and from my observations is making good headway in gaining increased brand awareness. Though I expect it will remain in an even battle for market share with Kathmandu.
I hold and was happy to see it jump today on UBS's upgrade to a BUY.
SUL Price at posting:
$12.38 Sentiment: Buy Disclosure: Held
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