Woolworths has moved to quash rumours it is plotting the sale of underperforming discount retailer Big W.
The supermarket group put out a statement to the ASX this morning following reports in The Australian that Big W could go up for sale, stating that it “has no plans to sell”.
“Our general merchandise businesses, BIG W and EziBuy, are important to delivering our strategy to drive growth by giving customers access to Australasia’s best multi‐option apparel and general merchandise offer,” it said in a statement.
Big W's sales performance has been struggling of late. At the end of August, Woolworths posted an 18.8% fall in earnings to $152.9 million.
Competition in the discount market is hotting up with Target and Best & less increasing marketing activity. Best & Less recently revealed its biggest advertising and marketing campaign in years, as it looks to revive the tired brand.
Target has also enlisted Danni Minogue and British fashion stylist Gok Wan in a brand refresh.
More news on the retail market below:
Like a beer ad for mums: Best & Less turns to TV for big brand push
Target kicks off brand refresh with Danni Minogue and price promise
Myer kicks off Christmas marketing blitz
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