AUSTRALIA’S run of retail store closures is set to continue, according to Finder.
In the latest Finder RBA Cash Rate Survey, 39 experts and economists weighed in on future cash rate moves, economic indicators and the state of the retail sector.
In the past few months, retailers Big W, Bose, Curious Planet, Harris Scarfe, Bardot, EB Games, Target and Jeanswest have closed Australian stores.
When asked if they expected to see further store closures in 2020, nearly four in five said “yes”.
Finder spokesman Graham Cooke said the outlook was grim.
“While (fast-moving consumer goods) retailers such as Woolies and Coles will generally continue to operate successfully, clothing and other retailers must adapt or perish,” Mr Cooke said.
“In an environment where people are spending less and ordering more online — if you don’t have a seat at the table, you might be on the menu.”
This potential continued run of closures comes as the Reserve Bank of Australia (RBA) announced a hold of its cash rate for the third consecutive time yesterday.
“Between weak consumer spending and credit card debt dropping, as well as the increasing uncertainty around global trade and international travel, there are plenty of reasons to try to give the economy another jolt,” Mr Cooke said.
