Australia Retail

The huge site in Perth’s north-eastern growth corridor has sold for a fraction under $500 million in what experts say could be the start of a surge in retail sales.

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Tony Galati’s Spudshed empire has posted a big lift in sales as shoppers turn to the retailer amid rising cost of living pressures.

Cotton On, one of the country’s largest fashion retailers, has continued its relentless expansion overseas, opening more than 100 new stores outside Australia in the 2023 financial year.

Australia’s most valuable producer Treasury Wine Estates splashed out $1.6 billion to buy a premium Californian winemaker just one week after the Chinese government said it will lift its onerous wine tariffs.

Treasury Wine Estates bought family-owned DAOU Vineyards, created only 17 years ago by Lebanese born brothers Georges and Daniel Daou.

DAOU is reported to be the fastest growing premium wine brand in America.

The Daou’s are best known for their Cabernet Sauvignon Patrimony wines which Vivino says retails for around $437 a bottle.

It also shows a tendency for TWE to move deeper into the premium wine market, after its 19 Crimes label, with rapper Snoop Dogg as its face, saw declining sales in the past year or so.

A WA-based company harvesting methane-busting seaweed to reduce greenhouse emissions in cattle has been named one of the world’s best startups focused on climate change.   

Australian Wool Innovation has cast a global net and put up to $3 million on the table to find a way to remove weakened wool from sheep as it tries to find a “robust” alternative to traditional shearing. 

Endeavor Group’s majority shareholder Bruce Mathieson is calling for the resignation of Chairman Peter Hearl as the company’s performance continues to decline.

Endeavour is the owner of Dan Murphy’s and BWS while Bruce Mathieson is renowned as Australia’s pub king who has called for the company to head in a new direction with a reshuffling of its board members.

Sky News Business Editor Ross Greenwood says Endeavour’s joint venture with Woolworths has been a “big, big fight” since it was announced.

Mr Mathieson has wanted to bring in former Woolworths executive Bill Wavish onto the board as his representative but Endeavour has refused the request.

Over the past year, Endeavour’s share price has dropped 29.51 per cent.

Mr Greenwood says the group has its annual board meeting on Tuesday and it will be “very, very hot”.

Former Woolworths chief executive and retail legend Roger Corbett has also weighed in on the issue, claiming the Endeavour board has not done the job properly and should use the expertise of Mr Wavish and Mr Mathieson.

Shopping centre owner Vicinity Centres is doubling down on its exposure to the still booming luxury retail market and has snapped up a near-half stake in Chatswood Chase in Sydney for $307m and will pursue a major redevelopment.