Going to Kmart to buy some brilliant home goods is the past-time many Australians take joy in.
However, in five years it may be a thing of the past.
Businessman Dick Smith has predicted US retail giant Walmart could be set to “take Kmart” in as little as half a decade.
“They’ll take Kmart, that will go first, in the next four or five years,” the founder of Dick Smith Electronics told the Daily Mail Australia.
Kmart – currently owned by Perth-based company Wesfarmers – could be the first Australian investment for Walmart.
Having just merged their UK brand Asda with supermarket giant Sainsbury’s, Walmart may have some cash to spare to invest in the Australian market.
Mr Smith believes Walmart would “be able to do incredibly well” in Australia, but it won’t come without costs to staff.
“Walmart, they are completely ruthless,” Mr Smith told the publication. “The Walmart formula is sack people. Don’t share wealth, sack people.”
In May this year, Sue Mitchel from The Australian Financial Review also predicted Walmart was set to invest in the Australian market.
However, she stated the investment would be in supermarket Coles, which was formerly owned by Kmart’s parent company Wesfarmers.
Regardless, we’re all just hoping the fantastic homewares section stays.
Can you imagine life without all the amazing Kmart hacks? We certainly can’t.
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