As many as 25 large target stores and all Target Country stores will close and could be rebranded to Kmart as part of a ‘strategic review’ by Wesfarmers.
The announcement was made on Friday morning.
It’s outlined plans to “accelerate the growth of Kmart” and “address the unsustainable financial performance of Target”.
Phase one of the plan will see stores converted from Target or Target Country to Kmart, closing many others and restructuring the Target store support office.
Wesfarmers Managing Director Rob Scott said “For some time now, the retail sector has seen significant structural change and disruption, and we expect this trend to continue.’’
“With the exception of Target, Wesfarmers’ retail businesses are well-positioned to respond to the changes in consumer behaviour and competition associated with this disruption.”