The head of the struggling department store is stepping up plans to shut stores across Australia over the next two years as losses are deepening in the COVID crisis.
The head of struggling department store David Jones has admitted the company has "too many stores" and has stepped up plans to shut some and shrink its network by 20 per cent as losses are deepening in the COVID-19 crisis.
The company chose to trade through the initial COVID-19 lockdowns in March and April despite many of its retail rivals closing their doors. This meant David Jones' sales hit was not as pronounced as, though both retailers suffered significant hits to their earnings. "Unfortunately, globally some of these large-format department stores have stepped away from these things and that's why they're in trouble. So that's really where we've got to get to for David Jones."Getty Images
CRG's revenue dropped 14.3 per cent as its stores were shut for two months. Online sales only grew 15.4 per cent for the year, though CRG's online business is markedly larger than that of David Jones, comprising a quarter of its total sales.Sales for the first 10 weeks of the 2021 financial year continued to be poor for both David Jones and CRG, down 11.5 per cent and 8.8 per cent respectively, which their South African parent attributed to the current Victorian lockdowns.
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