Dimmeys to shut its doors after 166 years
One of Australia’s oldest retailers, Dimmeys, is set to close its doors after 166 years.
The retailer took to Facebook to announce the closure on Tuesday afternoon.
Dimmeys is offering 30 per cent off all stock until shuts up shop.
The discount retailer has suffered financial woes for years.
“Dimmeys collapsed four or five years ago and was brought out of administration by the current owners, so they’ve had problems for a while,” retail analyst and The Australian Senior Business Reporter Eli Greenblat told 3AW’s Tom Elliott.
Mr Greenblat said the retail market is incredibly tough at the moment, particularly at the budget end.
“Everyone is moving to that bargain area, even stores like Kmart, Target, Big W, Best & Less,” he said.
“Dimmeys just can’t compete, especially when you’ve got Dimmeys up against companies the size of Woolworths or Westfarmers in Kmart and Target, that have got gigantic supply chains.
“Everything has gotten cheaper in terms of the pricing, but everything has got more expensive in terms of the costs. Think of the rent that they’re paying, think of the electricity prices they’re playing … wages have gone up in the last 10 or 20 years.”
Press PLAY below for more.
Image: Justin McManus/The Age