Carrie LaFrenz and Lauren Sams on the slow motion demise of department stores, what tipped David Jones over the edge and what’s going to happen now.
For generations, department stores like David Jones were retail royalty. They were where you bought your first formal dress, your satin sheets, and your prestige cosmetics – all under one grand roof.
But convenience has slowly killed the department store. Squeezed by online shopping, fast fashion and the luxury boom, foot traffic has fallen – and the business model has fractured worldwide.
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Property giants that operate some of Sydney’s biggest shopping centres are scrambling to decide how they will fill the spaces vacated by the collapsed retailer.
Some suppliers think a streamlined David Jones could be good news for their sales if it encourages more shoppers into fewer, higher-performing stores.
See the full list of store closures.
Talks about the department stores financial troubles and restructuring scenarios started months ago, a report to creditors says.
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