While Kmart has had a stunning change of fortune and emerged as one of our leading retail brands, Target has been limping along for years. And today, the retail icon received yet another body blow after parent company Wesfarmers – which owns both brands – revealed up to 75 Target stores will be closed and up to 92 converted into Kmart outlets within 12 months. RELATED: Target stores to be shut or turned into Kmart RELATED: Bunnings reveals shock store closure The restructure means around half of Target’s 284-odd Australian stores could disappear by 2021. So where did it all go wrong for the once-booming chain? According to Queensland University of Technology retail expert Dr Gary Mortimer, it comes down to one fatal mistake – the “cannibalisation” of Target by Kmart as both brands fought for market share. ‘STRONG CANNIBALISATION’ “I don’t think there is too much shock in this announcement as most analysts identified several years ago many of the shortcomings associated with the Target brand,” Dr Mortimer said. “There is far too much crossover between the Target and Kmart brand, which caused a lot of confusion in their market position. “At one point, Target was selling MAC cosmetics… Read full this story
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