Retail

Multinational retail discount store Costco has received development approval to open a second store in Western Australia, planned for Casuarina, within the City of Kwinana.

A $644 million package to credit electricity bills is a smart move to encourage spending, economists say, while recent retail trade data is strong for WA.

The owner of Just Jeans, Peter Alexander and Portmans has reported a 29 per cent rise in full-year profit, but says it may close more stores.

Retail spending fell across the nation in August, with Victoria recording a massive 12.6 per cent drop as the state's COVID-19 restrictions hit non-essential retail businesses.

Broome's Chinatown Revitalisation to create a world-class tourism precinct in the Kimberley has been given the green light.

Certain pockets of the retail market have proved their value during the pandemic, and investors are taking notice.

The pandemic has accelerated existing issues and trends facing the retail property sector.

It will take a mix of planning, marketing and property redevelopment initiatives to resuscitate Perth's ailing CBD retail market.

Five outlets at Yagan Square have shut their doors in recent months as the COVID-19 recession takes its toll on the precinct.

Retailer Colette by Colette Hayman will keep only a third of its Australian and New Zealand stores open after securing a new owner.

Myer has reported a full-year loss of $172.4 million after sales fell more than 15 per cent from temporary store closures due to the coronavirus pandemic.

WA's domestic economy contracted 6 per cent in the June quarter, slightly better than national figures showing Australia is in recession.

Cash Converters has posted a $10.5 million loss, while chairman Stuart Grimshaw is the latest to leave the company.

Gary Martin says the coronavirus pandemic has fuelled digital shopping sprees, with consumers flocking to online reviews.

Afterpay has failed to sustain the share price spike some pundits tipped would follow its full-year results, as questions remain as to the true value of the company.

Woolworths has copped a 1.2 per cent hit to its profits as the coronavirus pandemic drives a wrecking ball through the supermarket giant's hotels division.

Booming sales at Bunnings and Officeworks through the pandemic may have been a bright spot in Wesfarmers' full-year results.

Property group Vicinity Centres has reported a net loss of $1.8 billion amid retail closures and declining visitor numbers at its shopping centres.

Consumers in Perth are more confident than any other major capital by some margin, according to the latest ANZ Roy Morgan weekly consumer confidence data.

Automotive marketplace Grays Online has acquired fellow Perth-based merchant Gregsons Auctioneers & Valuers.

Entertainment retailer JB Hi-Fi has been buoyed by customers spending more on electronic equipment to supply their home offices during the coronavirus pandemic.

Retail sales in Australia fell by 3.4 per cent in the June quarter amid coronavirus lockdowns, which is the biggest drop since the GST was introduced in 2000.

Coca-Cola Amatil said it would write down the value of its Indonesian assets by $160 million to $190 million as a result of the COVID-19 pandemic.

Retail sales in Australia rose a solid 2.4 per cent in June, as people flocked to reopened cafes and restaurants and spent more on clothing in the first full month of trade since the lockdowns ended.

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.