Target Australia: Is the Retail Gaint About to Go Out of Business?

Target Australia is a famous retail chain offering a wide range of consumer goods. Just over a year ago, this mega-giant announced the closure of several of its stores. Given its long history, the public was devastated. Who knows what the future holds for this company, but one thing is certain: it has made an ever-lasting impression on the retail industry. 

This article analyzes this retail business in-depth, including its history, competitors, and much more. Make sure you read till the end to find the reasons for its closure and the company’s vision for the future.

Target Australia – An Overview

Target Australia, commonly referred to as Target, is a subsidiary of the famous retail conglomerate Wesfarmers. It operates a chain of retail stores throughout Australia. The products offered include homeware, clothing, cosmetics, books, electronics, and toys, sold in-store and online. According to the most recent survey, the company owns 284 stores in metropolitan and regional areas. With 2,651 workers, it generates a total of $842.5 million in sales revenue annually.

People often confuse Target Australia with Target America. Despite having the same name and a similar logo, they are unrelated. 

History

The company’s origin can be traced back to 1926, when its founders, George Lindsay and Alex McKenzie, opened their first outlet in Geelong, which specialized in selling bedding and dress fabrics. Their retail empire quickly expanded as they acquired more stores in several cities. 

The business was renamed “Target Australia” when Myer Emporium purchased it. In 1996, it merged with Foddeys, which brought huge benefits to the service and fashion areas. 

In November 2007, the entire business was bought by Wesfarmers. Throughout the years, the company has adhered to its motto of “half the profit, twice the discount” and continues to offer high-quality goods at affordable prices. 

Competitors and Ranking

Due to its emergence online, the competition from rival retail stores has increased tenfold. Its top 5 competitors include BigW, Kmart, Myers, the Good Guys, and Harvey Norman. 

Target Australia online has a bounce rate of 41.65% and is ranked 6,645 globally and stands at 106 in the country’s ranking.

Why are its stores closing?

It came as a shock to most people when Targe Australia announced the closure of a dozen of its outlets a year ago. So far, 80 Target stores have been converted to small-format Kmart stores, called K Hubs, while 75 have closed permanently. According to the sales analysts, this decision was taken because both businesses, Kmart and Target, attracted the same type of customers. 

Despite being more well-known, factors such as confusing customers’ strategy, and the declining middle-class consumer market, coupled with the pandemic, were causing it to fall behind Kmart stores. 

Is Target Australia available online?

When the pandemic hit, most retail companies used the web to stay in touch with their customers, and so did online Target Australia. That has been a huge success for the business as the website receives a total of 8.7 million visits annually.  

Consumers can log on to the website for a personalized shopping experience or download the app, which is available on the Google Play Store and the Apple Store.

Future of Target Australia

Although most of its outlets continue to be converted into Kmart and many shut down, this retail giant is shifting to e-commerce. The team is hopeful that online Target Australia will certainly become a bigger business online than it ever was as a physical outlet. They also confirmed that, despite its underperformance, it’d never be completely absorbed by Kmart in the future.  

Frequently Asked Questions

Now, let’s answer some frequently asked questions about Target Australia.

1. Who owns Target Australia?

Target Australia, well known retail chain store, is a subsidiary of the famous retail conglomerate Wesfarmers. Kmart acquired the chain of stores from Lindsay’s and changed its name to Target. In 2006, both Target and Kmart were bought by Wesfarmers as a part of the acquisition of Coles Group Limited. 

1. What are the payment methods offered?

Australian dollars are used for all transactions. The payment can be made using Zip, Afterpay, or Paypal. Customers can also use a variety of gift cards, including Coles Group & Myer gift cards, Target gift cards, and Target e-gift cards for online purchases. 

1. How can I contact Target Australia?

There are several ways for customers to contact Target Australia. They can phone them directly or get in touch through the chat service offered by the company. For chat, the timings are: from 9:30 am to 6:30 pm Monday through Friday; Sundays are off, with Saturday hours ending at 4:30 p.m. For further communication, an email can be sent as well.

1.  Does Target Australia ship internationally?

At the moment, Target Australia does not ship internationally. In contrast, if you reside in Australia, you may order from anywhere in the country, and it will be delivered within 7 working days.

Target Australia, with all its history, still remains a well-known retail chain in Australia. Offering a wide range of products, from clothing and cosmetics to electronics and much more, it is committed to providing quality items at an affordable price. Despite the closure of many stores, it remains at the heart of the public.

And that was a complete insight into this retailer. For more such articles, visit our website, The Australian Time. Here we post informative and interesting content relating to finance, lifestyle, business, fashion, and more. So, be sure not to pass up this chance.