After a years-long transformation, Kmart Group is delivering supercharged profits for owners Wesfarmers, much to the envy and dismay of others
Revenue at the Wesfarmers-owned Kmart Group jumped almost 5% last financial year to $11.1bn, even as cost-of-living pressures dampened the mood of many shoppers.Revenue at the Wesfarmers-owned Kmart Group jumped almost 5% last financial year to $11.1bn, even as cost-of-living pressures dampened the mood of many shoppers.The last full-sized Kmart in the US closed this week – yet another casualty of online buying habits proving to be an existential threat to department stores around the world.
It employs a strategy of mimicking popular items – such as shapewear product Skims – but at far cheaper prices. It has a large social media presence, appearing in influencer posts targeting lucrative niches including young adults and mothers. Walker says that while Kmart has met the Amazon-led online threat head on, it will need to keep adapting as newer online outfits, such as Temu and Shein, also take market share from discount department stores.
While Kmart’s performance has been strong, the other Wesfarmers-owned discount department store, Target, was generating lower year-on-year revenue before its operations started to get folded into Kmart.
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