FEAR & GREED | Business News Interview: How Bunnings and Kmart have been key to Wesfarmers' growth
Feb 23, 2025
Rob Scott, Managing Director of Wesfarmers, discusses the impressive growth of Kmart and Bunnings, highlighting Kmart's Anko brand's success. He shares insights into Bunnings' expansion into pet care and the challenges faced with the online retailer Catch. Scott also touches on the competitive landscape with the entrance of Chemist Warehouse and reflects on Priceline's growth potential amid changing market dynamics. The conversation offers a compelling look at retail strategies and future growth opportunities for Wesfarmers.
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Rate Cuts and Inflation
- Wesfarmers MD, Rob Scott, believes one rate cut isn't enough to stimulate spending.
- He suggests other inflationary pressures like energy and supply chain costs persist.
Impact of Weak Australian Dollar
- A weaker Australian dollar will likely increase prices on imported goods.
- Wesfarmers aims to mitigate these cost pressures to maintain its low-price strategy.
Anko's Growth Trajectory
- Anko's primary focus remains on growth in Australia and New Zealand markets.
- International expansion through partnerships and trial stores, like in the Philippines, is a long-term goal.