CORRECT: Australian Home Improvement Sector Has Room For Competitor-Woolworths
30 8월 2009 - 4:28PM
Dow Jones News
The head of Australian supermarket group Woolworths (WOW.AU) ),
Michael Luscombe, said Sunday international comparisons show the
country's home improvement sector has room for another large
competitor.
Woolworths announced last week an equity agreement with American
chain Lowe's Companies (LOW) to develop 150 home improvement stores
over 5 years, with the first set to open its doors in 2011.
Woolworths has made a takeover offer for Australia's
second-largest hardware distributor Danks Holdings (DKS.AU). Danks
has unanimously recommended the offer to its shareholders.
Luscombe said the U.S. home improvement market had one large
hardware store for every 90,000 people, while in Australia, the
ratio was one for every 230,000 people
"So there's a big gap there. There's a big opportunity for an
alternative offer that just gives consumers a choice that they
don't presently have," he told the Australian Broadcasting Corp's
Inside Business program.
Luscombe said the stores would be different from those of the
current dominant home improvement chain Bunnings (BWP.AU).
"The last thing we will do is just replicate what is already
there," he said.
-By James Glynn, Dow Jones Newswires; 612-8272-4685;
james.glynn@dowjones.com
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