Severe housing correction in Sydney and Melbourne and rapidly declining prices a trend that seems firmly entrenched...must be pretty toxic to consumer confidence eh ?
Last week ASB economists opined that the chances of Auckland realty following Sydney down is pretty good and provided evidence supporting their analysis. Is Auckland real estate and consumer confidence deterioration the next big shoe to drop ?
I suspect Grahger are acutely aware of how things are going in a retail sense in Australia. HLG directors and CEO at pains to emphasize challenging retail conditions for many months now and sales growth is declining so it appears to be getting more challenging. Didn't you say they had sold out of LOV as well ?
P.S. Just had a look at the chart of LOV on the ASX and that also looks very ugly. Hope we don't get a recession next year as then discretionary retail sales will really tank.