I think they are ... almost certain after the divie
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I think it's probably too soon to worry about the expenses to sales ratio. I think there were undoubtedly quite a bit of sales lost during lockdown, even with the good online sales momentum, and covid has definitely impacted shipping expenses with all the air freighting they have been doing. The rise in people costs will be driven both by new store openings in Australia, but also the big increases in minimum wage surpassing HLG base pay for retail staff. Future minimum wage rises will decrease as a percentage, even as the value in annual increases likely remains the same, if you catch my drift. I'm not too distressed by the minimum wage increases as although it increases HLG labour costs, it also increases the purchasing power of a core glassons customer demographic.
Interesting - just watching post-cabinet press conference, and it sounds like the large minimum wage increases might actually have finished! likely that future increases will be quite a bit smaller.
Hallensteins store in Cuba St mentioned on radio this morning — shoplifting so rampant the manager doesn’t call the cops any more. Every day and that’s the ones they catch.
Another consequence of government policy failure - a lot of motels full of homeless people etc up that end of town .Big drug raid at one the other day.
One good thing - Hallensteins have cool clothes that this growing market segment love.
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Senior management needs to get on this and employ friggin security asap or have the police monitor. Also work with LL or business association.... apart from the obvious criminal aspect I would have thought this is an employee safety issue and the risk of copycat at other stores. I didn't hear the interview so perhaps there is another side to it.