I think WES/Bunnings have proven to be a tougher competitor than WOW may have anticipated. Bunnings seem to have secured all of the decent sites (in Sydney at least). The only place you'll find Masters are in the outer suburbs where land and potential sites are easier to find or in coastal areas where again, securing a site isn't difficult. I live in Sydney and I have 4 Bunnings within 15 minutes drive of my house... They have saturated the market to block the entry of Masters.
Ann: Woolworths Limited - Update on Home Improvement, page-3
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