David Jones falls into administration – and its outdated business model explains why
Department stories used to be the place to be seen shopping. Without bold changes in how they’re run, there will no longer be stores like David Jones.
David Jones, a department store with a 188-year history, has been placed into administration due to unpaid rent and long-standing financial difficulties. The administrators will oversee the business, possibly closing some unprofitable stores, until a new owner is found. Despite the closure of some stores, over 5,600 employees' futures remain uncertain.
The once prestigious store, which once had the slogan "There's no other store like David Jones," has fallen from grace. The roots of its decline can be traced back to the weakening grip on customer loyalty.
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Also reported by 1 other outlet
- Australia’s 188-year-old retailer David Jones enters administration, faces sale dailymaverick.co.za
