The retail billionaire says consumers aren’t slowing down, but he’s ready to take advantage of any downturn.
Retail legend and billionaire Solomon Lew has seen his fair share of economic cycles, but, right now, he’s not quite sure what to make of the consumer environment.
“I grew up in a very conservative home. And if you didn’t have it, you didn’t spend it. But today people are earning a lot more money, lifestyles have changed and they spend on what they require.” There’s a strong argument to be made that for all the dislocations caused by the pandemic, Premier has emerged as a much stronger business. Its online sales are up more than 75 per cent on the first half of 2020, although they did fall 12.5 per cent from the prior year as customers got out and into the nation’s shopping centres once again.MST Marquee retail analyst Craig Woolford also points out that Premier’s rent costs are now down to 11.6 per cent of retail sales, compared with 15.
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ASX 200 LIVE: Shares to fall; Richard Murray quits Solomon Lew’s Premier; AMP settles investor class action for $110 million; Westpac margins dropShares set to open lower; Solomon Lew is demerging some Premier brands; AMP settles investor class action for $110 million; Breville lifts margins in tougher market; Westpac’s core net interest margin falls to 1.86 per cent; NIB final dividend jumps 40 per cent. Follow updates here.
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ASX 200 LIVE: Shares to fall; Richard Murray quits Premier amid demerger talksShares set to open lower; Solomon Lew is demerging some Premier brands; AMP settles investor class action for $110m; Breville lifts margins in tougher market; Westpac’s core net interest margin falls to 1.86 per cent; NIB final dividend jumps 40 per cent. Follow updates here.
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ASX 200 LIVE: Shares to fall; Richard Murray quits Premier amid demerger talksShares set to open lower; Solomon Lew is demerging some Premier brands; AMP settles investor class action for $110m; Breville lifts margins in tougher market; Westpac’s core net interest margin falls to 1.86 per cent; NIB final dividend jumps 40 per cent. Follow updates here.
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ASX 200 LIVE: Shares to fall; Richard Murray quits Premier amid demerger talksShares set to open lower; Solomon Lew is demerging some Premier brands; AMP settles investor class action for $110m; Breville lifts margins in tougher market; Westpac’s core net interest margin falls to 1.86 per cent; NIB final dividend jumps 40 per cent. Follow updates here.
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