History
Kmart Australia Limited was born out of a joint venture between G.J Coles & Coy Limited (Coles) and S.S. Kresge Company in the United States, with Kresge owning 51% of the common stock in the company. They began organising to develop Kmart stores in Australia in 1968.
The first store opened in Burwood East, Victoria in April 1969, with over 40,000 people passing through the checkouts on the first day. The doors had been closed 45 minutes after opening as a safety measure.
In 1978 Kresge exchanged its 51% stake in Kmart Australia for a 20% stake in Coles. In 1994 Coles bought back all shares held by Kresge.
A long-term licensing agreement allows Wesfarmers to use the Kmart name in Australia and New Zealand.
In 2006, Coles Group announced plans for Kmart, along with BI-LO and the Coles Group liquor brands, to be merged into the Coles brand. The first re-branded store was planned to open in 2007, with 40 stores, mostly former 'Super K' stores divided last decade into separate Coles and Kmart stores, reformed into Coles Superstores. By March 2007 the plans for these super centres were deferred pending the sale of all or part of Coles Group, and in August 2007, incoming owners Wesfarmers said super centres would almost certainly not proceed.
Kmart's performance immediately prior to the Wesfarmers takeover was poor. In May 2007, it reported a sales drop of 3.2% for the third quarter, and an overall drop in sales of 3.9% for the first three quarters.
In August 2007 Wesfarmers said it would consider selling all or part of Kmart, or converting some stores to the Target brand. Wesfarmers took control of Coles Group in November 2007 and by March 2008 had decided to retain Kmart and invest $300m in the chain over the next five years.
After continuing poor performance in 2009, the 2010 financial year saw a large increase in EBIT, reporting revenue of A$4.02 billion and an EBIT of A$190 million, an increase in EBIT of over 74%.
On November 15 2012, Australia's first multi-level Kmart will open in Adelaide's Rundle Mall.
As at September 2012, Kmart had 170 stores trading across Australia - 50 in NSW/ACT, 43 in Victoria, 36 in Queensland, 21 in Western Australia, 13 in South Australia, 5 in Tasmania and 2 in the Northern Territory. There are 15 stores located in New Zealand.
Read more about this topic: Kmart Australia
Famous quotes containing the word history:
“History does nothing; it does not possess immense riches, it does not fight battles. It is men, real, living, who do all this.... It is not “history” which uses men as a means of achieving—as if it were an individual person—its own ends. History is nothing but the activity of men in pursuit of their ends.”
—Karl Marx (1818–1883)
“All history attests that man has subjected woman to his will, used her as a means to promote his selfish gratification, to minister to his sensual pleasures, to be instrumental in promoting his comfort; but never has he desired to elevate her to that rank she was created to fill. He has done all he could to debase and enslave her mind; and now he looks triumphantly on the ruin he has wrought, and say, the being he has thus deeply injured is his inferior.”
—Sarah M. Grimke (1792–1873)
“In front of these sinister facts, the first lesson of history is the good of evil. Good is a good doctor, but Bad is sometimes a better.”
—Ralph Waldo Emerson (1803–1882)