Australia’s retail apocalypse continues, with German giant Kaufland announcing an “orderly withdrawal” from Australia despite sinking more than half a billion dollars of investment:
The company had been set to open as many as 30 stores in Australia and had bought a number of warehouse and retail locations around the country…
In June last year the German supermarket… celebrated the construction start of its new $255 million distribution centre in Mickleham, in Melbourne’s north.
The state-of-the-art 117,000 square metre facility was expected to generate 600 jobs in the area…
In September, the company also celebrated breaking ground on its first South Australian store, which cost $24 million and was set to create 150 jobs.
Kaufland said its existing investments, including purchased properties, would be “discussed with the relevant parties in coming days”…
The company employs 200 staff in Australia…
No doubt incumbents Woolworths and Coles are breathing a collective sigh of relief.