Opinion: How Wesfarmers accidentally pitched perfectly for pandemic
The tale of how two of Australia’s largest companies have fared during COVID was outlined to their respective investors on Tuesday. Both are heavily retail dependent - GPT, a retail landlord, and Wesfarmers, a retail conglomerate.Wesfarmers whose major retail brands are Bunnings, Officeworks, Kmart and Target,. In doing so Wesfarmers has effectively created another retail category - discretionary essentials.
If, for the sake of argument, one discounts the performance of Target which was in trouble before the pandemic and which Wesfarmers has already announced it will shrink to a fraction of its existing size, the rump of the conglomerate’s retail assets have defied the odds.Right time, right products. In total Wesfamers has grown e-commerce sales by 89 per cent over the past five months -using Catch as a means to increase its addressable retail market.
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