Retail

Australian retail trade expanded more in May than originally anticipated, with retail turnover rising 16.9 per cent to $28.97 billion.

Cash Converters is claiming a solid balance sheet after it extended a $150 million securitisation facility, following a turbulent time for the payday lender.

Franchisor Joyce Corporation has sold its remaining stake in Lloyds Online Auctions for $3.8 million to an entity controlled by Lloyds director Steven Sarkis.

Online retailer Kogan.com has recorded surging sales and is raising up to $115 million through a share sale to institutional and retail investors, while electronics and furniture retailer Harvey Norman also reported its sales were up this morning.

Sugar-free ice-cream brand Denada has hit supermarket freezers in the United Arab Emirates after its Perth-based founders signed a contract with Middle East supermarket chain Spinneys.

Wesfarmers has accelerated a review into its underperforming Target business as coronavirus lockdown measures hammer sales and spell a likely earnings decline.

Retail turnover surged by a monthly record of 8.2 per cent in March as consumers rushed to stockpile groceries and office supplies ahead of COVID-19 lockdowns.

IGA supplier Metcash is seeking to raise $330 million to strengthen its balance sheet as it weathers the COVID-19 restrictions.

Brisbane-based jewellery group Michael Hill has suffered an 11.9 per cent dive in third quarter revenue across its global network after it closed shopfronts due to the coronavirus pandemic.

Wesfarmers chief Rob Scott believes the pandemic threat has been well handled by authorities so far, but has urged political leaders to ensure there is a level playing field when it comes to supporting business. Click through to watch the video interview.

Retail spending increased more sharply than expected in February thanks to a surge in spending on basic necessities in supermarkets and department stores.

Perth startup KeepSpace has found its e-commerce packaging services in demand as government restrictions to limit the spread of COVID-19 cause retail stores and hospitality venues to close.

More Perth eateries are set to shut their doors in response to a weakened retail environment, particularly in shopping centres, while blinds retailer Kresta has announced it will close all of its showrooms across the country.

Online travel agency Webjet will raise $275 million and retailer Kathmandu Holdings will raise $201 million, to deal with the impact of COVID-19 on their businesses.

Woolworths is creating 20,000 new jobs to meet a surge in demand but the list of companies shutting stores and standing down staff continues to grow.

Just Jeans, Peter Alexander and Smiggle are among several Australian brands set to close their doors tonight due to the COVID-19 crisis, while commercial landlord Dexus has withdrawn its earnings guidance for 2020.

Retailer Michael Hill International will close all 14 stores in Western Australia as part of its move to suspend operations nationwide, and in New Zealand and Canada, amidst growing COVID-19 concerns.

Wesfarmers has disclosed that nearly every part of its business has been affected by COVID-19, with Bunnings and Officeworks doing better while Target is suffering.

After going into liquidation in February, Kosmic Sound has been saved by South Australian business Dale Cleves Music Group, shortly after another iconic WA brand Jeanswest was also rescued.

Retail spending stayed weak in January as bushfires devastated many parts of Australia, but the coronavirus outbreak is likely to make a bigger impact.

Incumbent 40under40 First Amongst Equals, Hannah Mann, says the award a year ago provided much-needed validation for her pharmacy business model.

Creditors have opted to liquidate Perth Fashion Festival today, just days after festival director Tony Sage failed to sell down his Perth Glory soccer club stake; while the administrators had been unable to recover a debt owed to the company by industry body the Fashion Council WA.

Fashion accessory chain Colette by Colette Hayman will close five of its stores in Western Australia, including both stores in the CBD, after the struggling retailer was placed into voluntary administration earlier this month.

Wesfarmers has sold $1.1 billion of Coles shares, reducing its holdings of the supermarket chain to 10 per cent, while revealing $24 million of payroll problems during its half-yearly results released today.

Attorney-General Christian Porter has sent a warning to corporate Australia after Coles became the latest major company embroiled in an underpayment scandal.

JB Hi-Fi's Christmas has proven music to investors' ears, with strong summer sales and online growth helping the electronics retailer shake sector-wide softness and post a record first-half profit.

National retail spending fell by a worse-than-expected 0.5 per cent in a fire-affected December, however, retail giant Coles recorded a surprisingly strong Christmas period.

Outdoor sports retailer Mainpeak has gone into administration after the local brand suffered continued financial losses.

There are concerns the share market’s strength doesn’t accurately reflect the nation’s economic performance, or outlook.

Fashion accessory retailer Colette by Colette Hayman, which has 15 stores in Western Australia and 126 across the country, has been placed into voluntary administration.

What Christmas gave to Australian retailers, the bushfires are taking away, but there could be worse to come for shopkeepers and shopping centre owners when the latest international trends wash up here.

Curious Planet, formerly known as Australian Geographic, will close all 63 of its stores in Australia over the next eight weeks after the owner's administrators were unable to find a suitable buyer for the struggling retailer.