'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.
