The Retail Giant Coming To Australia With A BOLD Plan
It seems like all the international players are currently eyeing off Australia’s retail space.
But in the battle for our dollars, just how are they going to take on the likes of Kmart?
Well TK Maxx has a bold strategy for its entry into the Australian market.
With plans to open 35 Australian stores this month, the retailer has revealed they will adopt a “treasure hunt” style experience for shoppers.
Don’t expect maps with x marking the spot though.
According to insiders, the tactic focuses on promoting the “thrill of the find” – similar to Costco’s own retail strategy.
Rather than stocking an expected line of products, TK Maxx sells a rapidly changing range of wares, reacting to the market trends.
As a result, customers know that goods will only be available for a limited time and they’ll need to be quick to snatch them up.
“Scarcity is built into the process, compelling consumers to visit more often to hunt for what’s new, and when finding it, to buy it, since it will probably be gone in a day or two,” retail expert Robin Lewis told News Corp.
Often these goods are overstock or cancelled orders from other retailers, that are bought at a discount and sold on at a discount.
It’s a strategy that couldn’t be much more different to Australian market leader Kmart who focus on stocking a small but consistent range of products they’ve sourced direct from manufacturers in order to sell at the most competitive price.
So does TK Maxx have what it takes to compete? We’ll let you decide…