Plenty happened in the business world this week, from ACCC and Choice commenting on Metcash’s federal court win and the first Masters hardware store opening, to Melbourne being named the world’s most livable city. To keep you up to date, Dynamic Business has wrapped up the week’s most important news.
ACCC, Choice, comment on Metcash win
The Australian Competition and Consumer Commission (ACCC) released a statement early this week about the Federal Court decision to allow Metcash to acquire Franklins, unsurprisingly referring to the decision as “disappointing.”
The watchdog has yet to decide whether it will appeal the decision, whilst consumer group Choice cautiously welcomed the win, saying that if Metcash establishes a viable alternative to Coles and Woolworths, consumers will benefit.
Retail celebrates restricted zoning reforms
Victorian retailers welcomed news this week that the state Government is looking to reform the definitions of ‘restricted retail’ zoning, to include a wider number of retail types in an effort to boost economic development.
According to Planning Minister Matthew Guy, it makes sense to enact the reforms and remove the red tape that stops more items being sold at a ‘restricted retail’ premise.
And the AusMumpreneur of the Year award goes to…
Soon-to-be mother of four and owner of Babes in Arms range Anita Lincolne-Lomax has been recognised as AusMumpreneur of the year, at the Bio-Oil AusMumpreneur Awards Ceremony held in Sydney last Saturday night.
Solid growth tipped for franchise sector
Double-digit revenue and profit growth is predicted for the local franchise sector in the 2011 financial year, though poor consumer confidence and unstable global financial markets are leading franchisors to be more conservative in their outlook.
According to a new PricewaterhouseCoopers (PwC) report, ‘Franchise Sector Indicator’, franchisor revenue has grown by an average of 17 percent over the year to July, whilst profit grew by 22 percent.
Harvey Norman reports 9 percent profit rise
On Tuesday, Harvey Norman reported a 9 percent rise in profit for the year ended June, with revenue from continuing operations totalled $2.7 billion, compared with $2.45 billion in FY10, contributing to a profit after tax and non-controlling interests of $252.26 million, up from $231.41 million a year previous.
Despite these results, Gerry Harvey said he remains frustrated with the state of the local retail market, saying low unemployment and the resources boom should mean consumers are “as happy as pigs in sh**”.
Melbourne named most liveable city
Vancouver has resigned its post as the best city in the world to live in, allowing Melbourne to claim the prize position and top the ranks with a score of 97.5 percent. Sydney came in sixth place while Perth and Adelaide were jointly ranked eighth. Brisbane came in at number 21, whilst the Zimbabwean capital of Harare claimed last place.
First Masters store opens for business
The first of Woolworths’ big-box hardware stores opened for business on Wednesday, with consumers in the Victorian suburb of Braybrook the first to set foot in the 13,500 square-metre Masters store.
Retail turnover edges up in July
According to the Australian Bureau of Statistics Retail Trade Figures, turnover was up 0.5 percent last month, after falling 0.1 percent in June and 0.6 percent in May.
Turnover was up 0.8 percent in Food retailing, 1.1 percent in Cafes, restaurants and takeaway food services and1.2 percent in Department stores. It remained unchanged in Household goods retailing and fell most sharply in Clothing, footwear and personal accessory retailing (-4.2 percent).