{"id":258405,"date":"2020-05-22T17:55:11","date_gmt":"2020-05-22T07:55:11","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=258405"},"modified":"2020-07-03T15:46:29","modified_gmt":"2020-07-03T05:46:29","slug":"axe-hangs-over-target-store","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2020\/05\/22\/axe-hangs-over-target-store\/","title":{"rendered":"Axe Hangs Over Target Store"},"content":{"rendered":"<figure id=\"attachment_258411\" aria-describedby=\"caption-attachment-258411\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2020\/05\/targetcountry.jpg\"><img loading=\"lazy\" class=\"wp-image-258411\" src=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2020\/05\/targetcountry.jpg\" alt=\"\" width=\"740\" height=\"460\" srcset=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2020\/05\/targetcountry.jpg 620w, https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2020\/05\/targetcountry-300x186.jpg 300w, https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2020\/05\/targetcountry-263x163.jpg 263w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-258411\" class=\"wp-caption-text\">Target Country &#8230; Wesfarmers have not announced whether the Murgon store will be converted into a small-format Kmart store or closed<\/figcaption><\/figure>\n<p><strong>May 22, 2020<\/strong><\/p>\n<p><span style=\"color: red;\"><b>UPDATE: Target has advised the Murgon store will close in &#8220;early-mid 2021&#8221;.<\/b><\/span><\/p>\n<p><b>EARLIER:<\/b><\/p>\n<p>There&#8217;s a shadow hanging over the future of the Target Country store in Murgon following an announcement on Friday that up to 75 Target stores could close around Australia.<\/p>\n<p>In a statement to the ASX, Wesfarmers Limited &#8211; the owner of Target and Kmart &#8211; announced a major restructuring of its store network.<\/p>\n<p>After a review, it had been decided to &#8220;address the unsustainable financial performance of Target&#8221; by:<\/p>\n<ul>\n<li>Converting between 10 to 40 large-format Target stores to Kmart, subject to landlord support<\/li>\n<\/ul>\n<ul>\n<li>Converting about 52 Target Country stores to small-format Kmart stores<\/li>\n<\/ul>\n<ul>\n<li>Closing between 10 and 25 large-format Target stores<\/li>\n<\/ul>\n<ul>\n<li>Closing 50 Target Country stores which are not suitable for conversion to Kmart.<\/li>\n<\/ul>\n<p><strong>Wesfarmers has not disclosed which Target stores it intends to convert or which it intends to close.<\/strong><\/p>\n<p>The restructure and closures are expected to cost Wesfarmers between $120 and $170 million before tax,\u00a0including the write-off of inventory.<\/p>\n<p>The statement said &#8220;redeployment opportunities&#8221; for Target staff members in Kmart and other Wesfarmers businesses would &#8220;minimise the effect of these changes on Target team members&#8221;.<\/p>\n<p>Wesfarmers intends to increase its investment in online sales, including its Catch website via home delivery or click and collect.<\/p>\n<p>The Target Country store in Lamb Street, Murgon, is currently listed for sale via <strong><a href=\"https:\/\/www.realcommercial.com.au\/for-sale\/property-target-murgon-91-lamb-street-murgon-qld-4605-503485582\" target=\"_blank\" rel=\"noopener\">Knight Frank<\/a><\/strong> in Brisbane:<\/p>\n<p style=\"padding-left: 30px;\"><em>&#8220;100% leased to Target Australia (Wesfarmers), this is a great entry level investment opportunity. The property has been recently refurbished to a high standard and consists of 535sqm of GLA.\u00a0<\/em><em>The property is being offered as a leaseback to Target Australia on a new 3 year lease with 5&#215;3 year options. The lease will commence upon settlement at $60,000+GST per annum gross.&#8221;<\/em><\/p>\n<p>The Target Country store in Kingaroy closed in 2015.<\/p>\n<p>Wesfarmers has been approached for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There&#8217;s a shadow over the Target Country store in Murgon following an ASX announcement on Friday <\/p>\n","protected":false},"author":20,"featured_media":258411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,3],"tags":[28],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Axe Hangs Over Target Store - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"There&#039;s a shadow hanging over the future of the Target Country store in Murgon following an announcement on Friday that up to 75 Target stores could close around Australia.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2020\/05\/22\/axe-hangs-over-target-store\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Axe Hangs Over Target Store - 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