Up to 167 Target stores are set to close, or be converted into Kmart stores, in a massive restructuring by Wesfarmers.
The retail conglomerate announced to investors on Friday that the shake-up was necessary to shift the focus from Target to Kmart, which is considered more profitable.
“For some time now, the retail sector has seen significant structural change and disruption, and we expect this trend to continue,” said Wesfarmers Managing Director Rob Scott.
“With the exception of Target, Wesfarmers’ retail businesses are well-positioned to respond to the changes in consumer behaviour and competition associated with this disruption.”
Between 10 and 40 large Target stores will be converted to Kmart stores, and 52 Target Country regional stores will also be converted to small Kmart stores.
The remaining 50 Target Country stores will close, and a further 10 to 25 large Target stores will also close.
At least 122 Target and Target Country stores will close or be converted.
Target has not as yet announced which stores will be affected.
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