SFH has always had competition from Coles / WOW from the Kmart /...

SFH has always had competition from Coles / WOW from the Kmart / Target arms of their empire... I am sure they are used to dealing with this.

I think they need to improve their brand recognition and maybe focus on building one or two super brands, which they can then start charging more money for.

Also I don't see their La Senza offering being marketed in a way which differenentiates from bra's n things... In the UK it seems they have a classier feel togethor with the low prices.

The wild card will also be whether management start negotiating lower rental figures and ride the McInnes 'rent gouging' wave... I see them as having a small window of opportunity to lock in lower rentals for the next 5 or 10 years.