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:
“To a surprising extent the war-lords in shining armour, the apostles of the martial virtues, tend not to die fighting when the time comes. History is full of ignominious getaways by the great and famous.”
—George Orwell (1903–1950)
“No one can understand Paris and its history who does not understand that its fierceness is the balance and justification of its frivolity. It is called a city of pleasure; but it may also very specially be called a city of pain. The crown of roses is also a crown of thorns. Its people are too prone to hurt others, but quite ready also to hurt themselves. They are martyrs for religion, they are martyrs for irreligion; they are even martyrs for immorality.”
—Gilbert Keith Chesterton (1874–1936)
“The history of modern art is also the history of the progressive loss of art’s audience. Art has increasingly become the concern of the artist and the bafflement of the public.”
—Henry Geldzahler (1935–1994)