Retail bloodbath has only just begun

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It’s fair to say that 2020 has already been a nightmare for Australian retailers.

A fortnight ago it was reported that 161 ‘bricks-and-mortar’ stores had already shuttered in 2020. And since then, Jeans West has gone into administration (with 146 stores likely to close) and Kaufland has abandoned its planned Australian operations.

The retrenchment follows horrid September quarter national accounts figures, which revealed that real retail sales had recorded their first annual decline since the early-1990s recession:

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.