Retail in Asia

In Markets

More pain in store for Australian retailers

Australia’s embattled AUD12 billion (USD12.42b) fashion retail industry is forecast to have negligible growth this year and remain in a rut for at least the next five years, averaging only 1.2 percent annualised growth.

According to analysis group IBISWorld, shoppers have moved away from high-end purchases, instead buying more low to mid-range clothing.

Big retailers and department stores such as Myer and David Jones have had sagging sales since the global financial crisis.