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Kmart Australia
Kmart Australia Limited (/ˈkeɪmɑːrt/ KAY-mart, doing business as Kmart, Kmart Australia, Kmart New Zealand and Kmart Australia and New Zealand and stylised as Kmart) is an Australian chain of retail department stores owned by the Kmart Group division of Wesfarmers.
The company operates 325 stores across Australia and New Zealand, with its head office located in Mulgrave, Melbourne. Kmart is a member of the Kmart Group, which also comprises Target Australia. Kmart Group is a division of Wesfarmers, an Australian conglomerate.
Kmart Australia Limited was created out of a joint venture between G.J Coles & Coy Limited (Coles) and the S.S. Kresge Company, owner of Kmart USA. Kresge owned 51% of the common stock in the company and Coles owned the remaining 49%; together they began to develop Kmart stores in Australia in 1968.
The first store was opened on 30 April 1969 in Burwood East, in Melbourne. On opening day it was estimated that 40,000 people passed through the checkouts, and the store took in over $97,000 (equivalent to A$1.31 million in 2022) of profit.[clarification needed] Because of the number of people that were coming through the store the doors had to be closed 45 minutes after the opening as a safety measure. The store was opened by Mrs HB Cunningham, wife of the president and chairman of the S.S. Kresge Company. The site was renovated in 2010 to be a shopping centre known as Burwood One; Kmart still operates a store at the new centre.
In 1978, Kresge (from 1977 known as the Kmart Corporation) exchanged its 51% stake in Kmart Australia for a 20% stake in G.J. Coles & Coy (later Coles Myer). In November 1994, Kresge/Kmart Corporation divested its 21.5% stake in Coles Myer.
In 1988, Kmart expanded to New Zealand with their store in Henderson, a suburb in Auckland.
In 2006, Coles Group announced plans to integrate Kmart, Bi-Lo, and Coles Group liquor brands into larger format stores. The first re-branded store was planned to open in 2007, and 40 stores were planned to be made into Coles Superstores, these mostly being former Super K stores which had been divided into separate Coles and Kmart stores a decade earlier. By March 2007, the plans for these superstores were deferred pending the sale of Coles Group to Wesfarmers. In August 2007, Wesfarmers confirmed that the superstore format would not proceed.
In July 2007, Wesfarmers acquired the Coles Group for A$22 billion.
Kmart Australia
Kmart Australia Limited (/ˈkeɪmɑːrt/ KAY-mart, doing business as Kmart, Kmart Australia, Kmart New Zealand and Kmart Australia and New Zealand and stylised as Kmart) is an Australian chain of retail department stores owned by the Kmart Group division of Wesfarmers.
The company operates 325 stores across Australia and New Zealand, with its head office located in Mulgrave, Melbourne. Kmart is a member of the Kmart Group, which also comprises Target Australia. Kmart Group is a division of Wesfarmers, an Australian conglomerate.
Kmart Australia Limited was created out of a joint venture between G.J Coles & Coy Limited (Coles) and the S.S. Kresge Company, owner of Kmart USA. Kresge owned 51% of the common stock in the company and Coles owned the remaining 49%; together they began to develop Kmart stores in Australia in 1968.
The first store was opened on 30 April 1969 in Burwood East, in Melbourne. On opening day it was estimated that 40,000 people passed through the checkouts, and the store took in over $97,000 (equivalent to A$1.31 million in 2022) of profit.[clarification needed] Because of the number of people that were coming through the store the doors had to be closed 45 minutes after the opening as a safety measure. The store was opened by Mrs HB Cunningham, wife of the president and chairman of the S.S. Kresge Company. The site was renovated in 2010 to be a shopping centre known as Burwood One; Kmart still operates a store at the new centre.
In 1978, Kresge (from 1977 known as the Kmart Corporation) exchanged its 51% stake in Kmart Australia for a 20% stake in G.J. Coles & Coy (later Coles Myer). In November 1994, Kresge/Kmart Corporation divested its 21.5% stake in Coles Myer.
In 1988, Kmart expanded to New Zealand with their store in Henderson, a suburb in Auckland.
In 2006, Coles Group announced plans to integrate Kmart, Bi-Lo, and Coles Group liquor brands into larger format stores. The first re-branded store was planned to open in 2007, and 40 stores were planned to be made into Coles Superstores, these mostly being former Super K stores which had been divided into separate Coles and Kmart stores a decade earlier. By March 2007, the plans for these superstores were deferred pending the sale of Coles Group to Wesfarmers. In August 2007, Wesfarmers confirmed that the superstore format would not proceed.
In July 2007, Wesfarmers acquired the Coles Group for A$22 billion.
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