Australia’s largest retailer Woolworths Ltd is reportedly hoping to capitalise on the economic downturn by increasing its property portfolio after the collapse of other Australian retail chains.
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According to a report in the Australian Financial Review, chief executive Michael Luscombe has indicated that a number of “property opportunities had arisen since the failure of domestic retailers, including Australian Discount Retail.
The report quoted Luscombe as saying Woolworths is considering “greenfield” options “across a suite of retail offerings”.
The report added that Woolworths could take on property it would then try to sell at a later date.
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