Australian Retail Sales – February 2010
Posted on 06 April 2010
Playing catch-up – so for posterity (well, more for my records) following are the ABS data on Australian retail sales released last week (you can find the ABS release here).
The retail sector is clearly lagging the feel-good story emanating from the real estate industry. In my view, the incremental increases in household debt will make it a lot harder for the retailers over the next few years – expect something more like the 80′s than the ‘put that on my credit card’ 90′s and early noughties.
This will lead to a contraction in valuation multiples for the sector – it will just take time.
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