'Gobsmacked': German retail giant Kaufland abandons Australia, adding to retail woes

Property developers have been left "gobsmacked" after a shock announcement from German hypermarket Kaufland that it would leave the Australian market, despite never opening a store and investing over half a billion dollars on property, staff and distribution.

The company, which is owned by $170 billion retailer Schwarz Group, announced on Wednesday it would make an "orderly withdrawal" from Australia, giving no reason other than to say it would focus on its European operations.

Read more: https://www.watoday.com.au/business/companies/german-retail-giant-kaufland-abandons-australia-despite-millions-in-investment-20200122-p53tqe.html

#General