Another retailer collapses

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Missed this yesterday. Napolean Perdis this time:

“I blame a lot of factors, from greedy landlords who will not allow us out of leases and who then charge us ‘de-fit’ costs on the stores … that’s cost me $3.5 million alone. The malls are dead, there’s no foot traffic, everyone’s buying cosmetics online but the landlords don’t want to hear about it.

“The bank wanted me to hire a consultant, which we did. That cost me another $600,000 and it’s done f— all. The retailers want to bring in global brands into their stores, but that means a local Australian brand like mine cannot compete.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.