{"id":950,"date":"2019-03-31T00:00:00","date_gmt":"2019-03-30T14:00:00","guid":{"rendered":"https:\/\/cms.star1045.com.au\/uncategorized\/big-ws-central-coast-rumoured-be-amongst-first-stores-closing\/"},"modified":"2019-03-31T00:00:00","modified_gmt":"2019-03-30T14:00:00","slug":"big-ws-central-coast-rumoured-be-amongst-first-stores-closing","status":"publish","type":"post","link":"https:\/\/cms.star1045.com.au\/lifestyle\/big-ws-central-coast-rumoured-be-amongst-first-stores-closing\/","title":{"rendered":"Big W’s on the Central Coast rumoured to be amongst the first stores closing"},"content":{"rendered":"

<\/p>\n

A report recommended that the chain close 60 of its stores this year.<\/strong><\/em><\/p>\n

Big W stores on the Central Coast could be among the first stores to close their doors after it was reported that the department chain could be forced to shut one third of its stores due to lack of profit.<\/p>\n

In a report released by Macquarie Wealth Management, it was recommended that the Woolworths-run department store close an estimated 60 out of its 183 stores in order to combat its $118 million profit shortfall from 2018 and the first quarter of 2019.<\/p>\n

\u201cPartial closure of the most unprofitable and shorter lease stores is more likely,\u201d the report stated.<\/p>\n

\u201cGiven the significant closure costs for the portfolio, a more likely scenario is Woolworths to close up one-third of its stores (60 stores), in our view.\u201d<\/p>\n

The report stated that regional stores \u2013 30 of them in total \u2013 would be hit the hardest, with New Idea<\/a> reporting that the Erina stores would be one of the most likely locations to close should Woolworths proceed with the report\u2019s recommendations. It is rumoured that Tuggerah could also be closing.\u00a0<\/p>\n

In 2018, Big W lost a whopping $110 million in profit, taking total losses for the past three years to $275. Meanwhile, the two competitor department stores run by Wesfarmers \u2013 Target and Kmart \u2013 jumped 21% in profit growth to $660 million in last year.<\/p>\n

\u00a0<\/p>\n

SEE ALSO:<\/strong> Rego and licences introduced for drone owners in Australia<\/a><\/p>\n

\u00a0<\/p>\n

Written by Kate Stevens<\/p>\n

Images: Getty<\/p>","protected":false},"excerpt":{"rendered":"

A report recommended that the chain close 60 of its stores this year. Big W stores on the Central Coast could be among the first stores to close their doors after it was reported that the department chain could be forced to shut one third of its stores due to lack of profit. 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