Preview: Inside Retail Weekly 2087
Wesfarmers’ hitherto unblemished reputation in retail has taken a hit with revelations of ‘creative-accounting’ by a handful of executives at Target that inaccurately inflated the discount department store’s half-year earnings by $21 million. Inside Retail Weekly was on a media conference call with Wesfarmers’ Richard Goyder late Monday afternoon, with the CEO and MD frustratingly labelling the decision to inflate earnings as, “mind-blowingly stupid”. Target MD, Stuart Machin, a long-serving Wesfarmers executive, resigned over the matter late last week, and you can read the latest in this week’s issue of Inside Retail Weekly.
The other big news this week was the release of the Fair Work Ombudsman’s wide-ranging inquiry into the 7-Eleven franchise network. The Ombudsman is calling for a compliance partnership to avoid a repeat of the exploitation of employees that came to light last year, and you can read all about it in our Opinion column this week.
In From The Source this week, we sit down with Dymocks MD, Steve Cox, and get an update on the state of play at Australia’s oldest book retailer. Our Features section leads off with a look at the ongoing redevelopment of Eastland shopping centre in Melbourne’s east, which will welcome 80 new retailers when it unveils stage two of its redevelopment early next month.
You’ll find all of this, and much more, in Inside Retail Weekly Issue 2087.
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