Location, presentation and product are everything in retail be it food, hardware or liquor.
From a hardware perspective M10 have some good historic locations based on the store having been in the centre of town or a suburb going back to when they were often family run stores prior to being acquired by Metcash. So that is normally not the problem.
The problem is the presentation and product which Bunnings kills them on. Bunnings present a generally high-quality store with excellent access and parking and plenty of staff. If they don't have the product then you probably can't get it anywhere else.
The M10 stores I've been into lately are fairly worn and drab, poorly laid out or cobbled together with very few staff to assist and if they are there then knowledge of product is average at best. I just think M10 is a dog with fleas that may need discarding as competitors innovate and present a better product. Share price and profitability will be adversely affected if they do nothing and expect better results to just come back.
MTS Price at posting:
$3.14 Sentiment: Sell Disclosure: Held
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