We've seen this narrative before. When Amazon entered Australia...

We've seen this narrative before.
When Amazon entered Australia on December 5, 2017, many predicted that established retailers like JB Hi-Fi and Lovisa would struggle to compete. Contrary to those expectations, both companies have demonstrated remarkable resilience and growth.

JB Hi-Fi’s share price has risen from approximately $25 in December 2017 to over $109 as of June 2025—an increase of more than 345%.

Lovisa has seen even more dramatic growth, rising from around $5 to over $32 in the same period, representing a gain of more than 550%. I don't follow SUL too closely but check the total shareholder return in the period since Amazon entered the market and it's 172% so hardly something to sneeze at.

While Temu’s pricing and product range are expanding rapidly, its ability to take meaningful share in categories like electronics and jewellery remains doubtful. Only 12% of Australian consumers currently trust Temu’s product quality—a significant hurdle in segments where brand credibility and quality perception matter.

As the Amazon example shows, disruption doesn’t always lead to dislodgement. Established dominant players, of which the ASX has some of the most brilliant retail brands, with strong fundamentals can, and often do, thrive.