Masters takes a bite out of Bunnings
Wesfarmers chief executive Richard Goyder has revealed that two Bunnings hardware outlets recorded an immediate drop in sales when Woolworths opened its maiden Masters big-box hardware store nearby.
The admission that Masters, which opened its first hardware site in August, has peeled customers away from industry heavyweight Bunnings in the short term will embolden arch rival Woolworths as it seeks to roll out as many as 150 stores nationwide.
However, it is still early days in the hardware war being fought between Wesfarmers and Woolworths with Mr Goyder also signalling the conglomerate which also owns the Coles supermarket business would be reinvesting in staff and service at its Bunnings outlets. Sydney Morning Herald – Read more…