The folks down under have a retail landscape that is even more concentrated than the US. There are two retailing behemoths, Coles Myer and Woolworths, each with about 20% of the total retail market (all channels).
Coles Myer (Coles supermarkets, Myers department stores, Kmart, Target, and other brands) has been turning in poor performance in recent years. Twice they've brought in top American retail execs to fix things and twice they've failed.
Now, in a scenario that will be familiar to Americans, they are giving up on the department store business and putting the 61-store Myer chain up for sale.
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