Aussie shopping malls in danger of becoming ghost malls
The latest in a long line of closures in Australia’s biggest department stores, which have faced mounting pressure from the government, has left the Australian market looking bleak.
The ABC has revealed that there are now fewer than half the number of stores in Australia that were closed when the Howard Government took power in the early 2000s.
The loss of more than 700 stores could see a “significant dent” in Australian retail sales and a drop in the number people visiting the country, the ABC understands.
While the country remains one of the most popular destinations for overseas tourists, many Australians will likely be left without access to their favourite shops and services.
In the weeks ahead, more than 20 million Australians will be forced to find alternative shopping options, the Department of Prime Minister and Cabinet has said.
“It is very important to understand that we are in uncharted waters with regard to what is happening in the Australian economy,” Mr Turnbull said in February.
The Prime Minister said that the department was taking measures to protect Australians’ shopping options from the “vicious cycle of retail”.
Mr Turnbull has also indicated that he would like to see a greater number of department stores open in the future, a position that would not be welcomed by many retailers.
“We are going to open more stores.
We are going and closing some of our biggest department store operations,” Mr Abbott told the ABC on Wednesday.
“We’re not going to keep them closed, we are going opening up other locations.”
Department stores are considered a core part of the Australian retail landscape.
They are a staple of many families’ budgets, and often attract large numbers of shoppers from across the country.
However, there are signs of growing pressure from business leaders and the government to reopen them.
Last month, the federal government announced it was seeking to reopen four remaining department stores by the end of 2019.
This would mean that some retailers could have to shut down, or even close altogether, as part of its plans to restore the Australian shopping economy.
Under the Howard government, department stores had been operating without restrictions, with the government allowing them to sell to private owners and allowing them the freedom to sell outside of state borders.
However, in February, the government decided to give department stores a boost, by introducing a new policy to allow them to open again if they were unable to survive.
Under this policy, department store owners were allowed to reopen if their stores were unable or unwilling to stay open.
Many retailers, such as Woolworths and Woolies Australia, have also announced plans to open up their stores, with many anticipating a new boom in demand as more shoppers return to the country for Christmas.
Department store closures have been a recurring issue for many Australian shoppers, as their savings and other savings are used to buy holiday goods.
However in recent months, many retailers have been forced to sell at a loss to try and meet their costs.
A number of major retailers, including Woolworth, have said they will no longer stock Australian products in their stores.
The Woolworth Group has also said it will cut back on its Australian sales, and has been cutting back on sales to overseas customers.