Hi Crazy Punter, I was specifically referring to the Australian Home Improvement market, which has always been extremely fragmented and ripe for consolidation. This consolidation has been going along rapidly since the early 1990s, but is still a tiny ripple in the ocean.
As for the UK, I have grave doubts that Bunnings have the talent to make it work. Why they sent the leadership they sent was questionable and is part of the reason why they are in the hole they're in.
The bigger mystery is why buy Homebase and then have your Group CEO and Bunnings MD both leave? There is no one around to be accountable for this problem and after winning the premier league against Woolies in the Hardware war they kick an own goal?
I think ditching Coles is a good move, but they really need to accelerate the closure of Target, as that will continue to be a real problem child.
Ann: Intention to demerge Coles - Briefing Presentation, page-68
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