Ann: Intention to demerge Coles - Briefing Presentation, page-7

I can hardly see Coles ending up like Myer (not in the short term anyway), the groceries business is not yet subject to structural shift of the calibre that affects the likes of Myer and Target. That said it has ceased to be a growth engine for Wesfarmers for a while now and is at the moment on the losing side of the tug-of-war with Woolies (but that seems to flip every couple of years).

Looks like a move by Wesfarmers to produce financial reports showing to more growth, as Bunnings will know dominate their P&L statements. Seems backwards to me though, in my mind Bunnings is the crown jewel of the conglomerate so if they really wanted to create a new quality ASX business, they'd let Bunnings free. But of course that wouldn't make much sense for Wesfarmers as a whole.