Country Road shuts a number of stores in Sydney amid plummeting sales
Major retailer Country Road has shut a number of its Sydney stores amid plummeting sales.
According to a report in Sydney Morning Herald on Monday, the iconic brand has closed its Market Street store at the entrance of the Queen Victoria Building in Sydney.
Sister brand Trenery has shut its Military Road shops in Mosman, on the city’s lower north shore.
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By continuing you agree to our Terms and Privacy Policy.Country Road’s Military Road store in Mosman is closed for renovations.
Its Pitt Street Mall store is earmarked to be shut when the lease expires in 2028.
Country Road and Trenery are owned by South Africa’s Woolworths Holdings, which previously owned department store David Jones.
A hybrid work style is said to have negatively impacted sales of the brand, with less need for corporate business wear.
In its latest results, Woolworths Holdings revealed an 8 per cent fall in sales, which take into account the 26 weeks to December 29 last year.
The brand’s operating profit plunged almost 72 per cent to just $14.2 million.
Country Road was contacted by 7NEWS.com.au for comment.
Country Road, founded in 1974, is known as one of Australia’s most beloved lifestyle brands and one of the first Aussie brands to tackle the American market.
Originally published on 7NEWS
