Regular research papers and articles providing sectorspecific insights and issues analysis – Retail sector.August edition ...
acquisition of Witchery/Mimco could be         to succeed, even in a relatively flat retail   for responsibly delivering a...
IIU Retail August 2012Retail industry snapshotThe retail industry’s mid-year results        the next 12 months in the sect...
Retail turnover in Australia                                                                               Growth 1.1%    ...
IIU Retail August 2012The Australian Omni-channelshopperA year ago you had probably never heard        holiday is the same...
•	 51% of all online Australians aged                      feel and try a product but then buys      when in store for fre...
IIU Retail August 2012Fraud – the unknown, unknownI would like to start off with a quote      the difficult ones. And so p...
which led to a full investigation and thesubsequent revelation that nearly $20million had actually been stolen.     As we ...
will the scene, a doughnut store and inthe store there is an empty cabinet wheredoughnuts once resided and a very largeyou...
IIU Retail August 2012Our National Retail TeamGrant Thornton is a            Simon Trivett                               P...
IIU Retail August 2012Industry Intelligence UnitAbout Grant Thornton Australia                                            ...
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  1. 1. Regular research papers and articles providing sectorspecific insights and issues analysis – Retail sector.August edition 2012 – RetailIndustryIntelligence UnitGrant Thornton’s Industry Intelligence Unit (IIU) Our latest edition of theblends the latest information and analysis of specific Retail IIU provides theindustries from publicly available sources (including the following articles:Australian Bureau of Statistics and the national press) with Retail industry snapshot frompragmatic, commercial and practical initiatives to improve the Australian Bureau of Statisticsstakeholder value. with comments from with Simon Trivett (Partner, Audit & Assurance) and Gayle Dickerson (Partner,Welcome to our latest edition of the Despite this, there continue to be Recovery & Reorganisation).Retail IIU. high-profile rationalisations and business The Australian Omni-channelThe end of the financial year provided failures occurring including Retravision Shoppercontinued refreshing news for retailers, Southern, Pets Paradise and our recent from Gareth Jude - Retail Industryfollowing on from the previous six appointment as Administrators of the Executive at Telstra examines why the vast potential of the Omni-months results. The Australian Bureau WA based Wooldridges/Education Channel world is untapped byof Statistics released the June 2012 retail Works. These have been attributed to the Australian retailers.numbers in early August 2012. The flat retail market in general. Whethertheme is still for cautious consumer the retail market is entirely responsible Fraud, the unknown, unknown from Chris Watson (Associateconfidence, with some sectors up and for business failures is questionable as Director, Forensic Consulting) looksothers remaining relatively flat. The continuing Federal political instability at how to manage the risk of fraudseasonally adjusted estimate rose 0.5% filters down into the retail sector. and preventing a Clive Peeters scenario in your back yard.in June 2012, consistent with April and Most of Australia’s top 25 retailersMay rises. The trend estimate also rose reported flat sales in 2012 with profitin June 2012 by 1.0% - this is the highest margins continuing to be eroded by highlevel of growth, although it remains rents and wage pressure. However, weunderwhelming, that we have seen for see that the market may be more open fortwo and a half years. acquisitions. The recent Country Road
  2. 2. acquisition of Witchery/Mimco could be to succeed, even in a relatively flat retail for responsibly delivering a return tothe start of increased activity (albeit at a market. the owners of the business. But it is notdiscount), which we expect to see more When we talk to successful retailers, hard to see that if the service delivery isof in the next 12 to 24 months. we are finding that a common view taken not present, then consumers will default In the last month at Grant Thornton by them is that whilst on-line shopping to what they perceive as a better valuewe hosted seminars where we heard from usually meets consumers’ desire for proposition provided on-line.the authors of the Ipsos Mackay Report, value (even if this is only a perception) it We still see that some retailers are yetDr Rebecca Huntley and Dorothy still fails to deliver the same service and to fully appreciate that you need to driveDudley. The Ipsos Mackay Report is inspiration that a well run physical store both bricks and mortar and online to aAustralia’s premier syndicated qualitative can provide. It is often the customer happy marriage that can leverage andresearch program, and has been running service and experience that brings compliment each other to achieve higherfor 34 years. These presentations focused consumers back into the store time and sales than treating each distributionon consumer sentiment and shopping again. Even if they are simply coming in- channel as a separate business.trends in 2012. The specific findings store for a price check, great service often Our regular contributor, Garetharound consumer sentiment and how results in a sale that would otherwise Jude, Retail Executive at Telstra, whoretailers, particularly bricks and motor have been made on-line. headlined the recent Retail Worldretailers, could address consumer Many consumers have observed that conference in Sydney and Melbourne,concerns were insightful. Many some of the large retailers in Australia provides his insights and research onconsumers no longer find the shopping seemed to have lost their way recently the Australian Omni-Channel retailerexperience “fun”. The Ipsos Mackay with their delivery of service, something and how Australian retailers can utilizeReport has further highlighted that they used to be known for. Given technology to improve customerretailers that focused on the fundamentals salaries are a major cost to all bricks and interaction.of customer service and creating the right motor retailers, this expense line receivescustomer experience were well placed attention almost immediately in the drive Industry Intelligence Unit 2
  3. 3. IIU Retail August 2012Retail industry snapshotThe retail industry’s mid-year results the next 12 months in the sector. In • The Household Assistance Packagehave exceeded industry analysts’ addition, the environment surrounding started in May 2012 providing initialforecasts, after a rise of 0.8% in May these encouraging results continues to be payments and promising tax cuts for2012, leading into a seasonally adjusted uncertain. Retailers are not immune to July 2012 and increased assistanceincrease in June 2012 of 1.0%. The the introduction of the new carbon tax, from March 2013increases in May and June come on the and we discuss later in this paper what • A strong Australian dollar, touchingback of consecutive increases in retail we believe will be the impact of these a four month high at the beginning ofturnover from month to month of 0.5% changes. Augustin each of March and April. The result These are the key macro-economic • European economic situation remainsfor June 2012 is the highest increase in issues impacting retailers: a concernretail sales we have seen in two and a half • Introduction of the carbon tax, which • More than 650 retail store closuresyears. is creating uncertainty regarding the planned since the beginning of the However, few analysts are forecasting extent of the impact on individuals’ year, including major store closureanything other than flat growth over and families’ expenses programs by: Speciality Fashion Group, Billabong, Sleep City, Fletcher Jones, WOW Sight and Sound and Darell Lea • RBA’s decision to cut the cash rate by 0.25% in June and by 0.5% in May   The detail The flat sales in the December 2011 retail turnover quarter have been followed by two increases in March 2012 and June 2012 quarters. The calendar year started well with the 0.3% seasonally adjusted retail turnover rise for the month of January 2012 and the 1.0% growth of March 2012. April 2012 experienced a slight fall of 0.2%, predominantly driven by the bad results in the household goods, department stores, other retailing and food retailing industry sub-groups. Nevertheless, this small decline was not enough to jeopardise the trend and May 2012 and June 2012 had respectively seasonally adjusted results of 0.8% and 1.0%. Industry Intelligence Unit 3
  4. 4. Retail turnover in Australia Growth 1.1% Growth 0.8% Growth 0.7% Growth 0.8% Growth 0.3% Growth 0.2% Growth 0.1% Growth (-0.1)% In volume terms the June quarter’s For the June 2012 quarter, the sub- CBD locations. However, regional stripresult of 1.4% is consistent with the sector results were: malls will likely see higher vacancy rates.March quarter’s result of 1.4%. The • Food retailing: Up 1.3% Competition for premium retail siteslast quarter’s retail sales may have been • Clothing, footwear and personal will be driven by overseas brands such asbuffered by the Government’s decision accessory retailing: Up 2.0% River Island, Topshop, Zara and H&Mto launch the stimulating Household • Department stores: Up 2.5% who plan to continue their spread acrossAssistance Package. The RBA’s rate • Other retailing: Up 1.3% Australia.cutting over the strong Australian dollar • Cafes, restaurants and takeaway food Indeed, Woolworth and Colesin June also deserves to be highlighted services: Up 3.1% operations represent 75% of grocery,along with lower petrol prices. liquor and food market in Australia. Every industry sub-group, except Despite the encouraging June quarter Big retailers keep on being bigger at theone, follows this general growth trend growth in turnover, particularly for expense of smaller businesses accordingsince the March 2012 quarter. The poor department stores who have really had a to a report on the Australian retail sectorperformer in the sector relates to the tough time of it over the last year, many issued by Morgan Stanley1. Smaller“Household goods retailing” sub-group retail businesses remain in a distressed retailers cannot compete on lower priceswhich, on a seasonally adjusted basis, saw situation and we expect to see more and therefore need to differentiateits turnover falling by 2.0% compared to store closures. This will represent an themselves on value and quality.the March 2012 quarter. opportunity for sales in high-demand1. The Sydney Morning Herald, “Big retail fattens up on the small guys”. August 7, 2012. Industry Intelligence Unit 4
  5. 5. IIU Retail August 2012The Australian Omni-channelshopperA year ago you had probably never heard holiday is the same customer who visits A white paper entitled,of the word Omni-channel, but since then, a store to buy a holiday. Online and “How you can join theit has hardly been out of the news when physical stores are not separate channels Omni-channel Shopper inretailers talk about strategy. A number in the traditional sense because the one transforming Australianof high profile, publicly-listed Australian person may use both channels. In fact, retail” includes a fullretailers have cited Omni-channel as online and physical more rightly should discussion of the researchtheir key strategic initiative for 2012 and be considered an Omni-channel. we conducted and somecite it as the way they hope to change At Telstra, we have been interested in original customer casethe fortunes of their business. So what the blended online/in-store Omni-channel studies. This whitepaperis Omni-channel and why are so many shopping experience for some time, but is available on Telstra.comretailers seeing it as so vitally important? all the examples of Omni-channel success, Telstra Business - Omni-channel is often thought of as like John Lewis and Best Buy and most Whitepapers or contactsimply the combination of online and of the research on the subject, seemed Gareth Jude at gareth.physical retailing, but it is really a new to be from overseas. We were interested jude@team.telstra.comway to think about distribution channel in finding out if the conditions exist fordesign. In traditional distribution channel Omni-channel retailing in Australia. Wedesign, a market is segmented into also wanted to find out if the Omni-groups of customers that are maximally channel consumer exists in our market,similar by group and maximally different and if so, how they like to shop. Thebetween groups. Channels of distribution research we commissioned consistedand communication are then designed of a telephone survey of 813 randomlyto suit the needs of these groups of selected respondents across Australia.customers. For example, your bank Quotas and weighting were applied soprobably has separate channels for large that the results are reflective of the actualcorporate, small business and consumer Australian population.customers. Likewise, at Telstra, we In parallel with our field research, weoperate Enterprise and Government, also studied existing research to find outBusiness and Consumer channels. if the Australian consumer is equippedUnderlying this model is the belief that with the technology to have a blendedeach customer buys only from one online and in-store shopping experience.channel, and thus the profitability of each The answer to that question was achannel should be judged separately. resounding yes. We found that: The Omni-channel hypothesis is • Australia has the fifth highest level ofthat traditional channel design is not internet penetration in the world2effective for retailers. The customer • Australians now spend an average ofwho’s browsing the online channel almost 22 hours per week online3 (infor clothes is the same customer who terms of media consumption, this isvisits the store looking for clothes. The 40% more time than they spend in 2. Internet World Stats: www.internetworldstats.comcustomer who’s looking online for a front of a TV) 3. Nielsen 2012 Australian Online Consumer Report Industry Intelligence Unit 5
  6. 6. • 51% of all online Australians aged feel and try a product but then buys when in store for free, while digital media 16+ owned a smartphone in 2011, up online. Our research shows that the can be used to display a message or from 36% in 2010. This compares to showrooming phenomenon is real. provide information via a kiosk. penetration rates of 45% in the UK Half of the population has researched and 38% in the USA4 a product in a physical store then 3. Embrace the smartphone• 18% of Australian households now bought it online, but of these, about The Smartphone is the new shopping own a tablet computer, up from 8% in a quarter made the online purchase companion of choice and they are already 2010 and forecast to be 39% by 2013 from the same retailer with whom owned by the majority of the Australian• Australians use social media more they did the research. In other words, population. Retailers should make sure than any other developed country5 showrooming results in an online sale that all their online applications are for the physical retailer in about 25% optimised for mobile, but according toOur conclusion is that Australians are of cases Google6 only 21% of Australian webbetter equipped to be Omni-channel • Consumers value Omni-channel sites qualify.shoppers than most of our overseas shopping for the way it combinescontemporaries. the different strengths of in store 4. Facilitate anywhere anytime The field research gave some and online to create an anytime, communicationsfascinating insights into Omni-channel anywhere shopping experience. For In the Omni-channel world, customersshopping in Australia. example, they see benefit in being are wandering around your shop 24/7 and• Two thirds of Australians have bought able to order in store or online and will be sending messages at any time and online in the last twelve months with then take delivery somewhere else, to in any form. Retailers need to implement an average spend of over $2,200 check stock availability across various a unified communications platform so• The most popular categories for online locations, or to check out extended that customers’ messages can be received purchasing are clothing/accessories ranges online while visiting a store and responded to in a timely manner. and books, while the least popular are cosmetics and sporting goods The research shows that the Omni-channel 5. Embrace social media• The online shopper is shopper is equipped and already active in A study by Cisco in the USA showed overwhelmingly an Omni-channel the Australian market. What do retailers that social media is now five times more shopper. Most online buyers have need to do to serve this new high value influential than in store assistants in also bought goods from the same customer? There are five key lessons. determining shopping choice7. Combine category in a physical store. The most that with the knowledge that Australians popular Omni-channel category is 1. Get the technology platform right are the biggest consumers of social media clothing/accessories, with 89% of In the bricks and mortar world, the in the world and retailers have another online buyers also shopping in store. foundations of customer experience are item for their to do list. The least popular Omni-channel physical. Bricks and mortar retailers category is airline tickets, but even are understandably obsessive about Our research shows that the high profile here 31% of online buyers also buy their facilities, their stock and their retailers who have identified Omni- in bricks and mortar stores signage. In the Omni-channel world, the channel as an area of opportunity have• The benefits of shopping in store or foundation of customer experience is been right to do so. Bricks and mortar online are very different in consumer’s technological. Retailers now need to be retailers are in the best position to exploit minds. Consumers gave their top equally obsessive about their technology the potential of Omni-channel, as the reasons for preferring to shop online infrastructure, because without it, the full experience can’t be delivered without as price and the convenience of being online extension of their store will not a network of physical facilities. Most able to shop from anywhere. The top always open for business. Australian shoppers are already Omni- reasons given for preferring to shop channel shoppers but they want more. in a physical store were sensory (feel, 2. Keep the doors open between the To exploit the opportunity, retailers touch, the ability to try on clothes, physical and online worlds will need to become as obsessive about etc.) as well as face-to-face customer The essence of Omni-channel is the free their technology platforms as they have service movement of the customer between the been traditionally about their physical• The online world has given birth physical and virtual worlds of retail. facilities. The vast potential of the Omni- to “showrooming”. Showrooming WiFi hotspots and digital media, when channel world is untapped. It will be occurs when a consumer uses a used in store, can facilitate this. WiFi interesting to see who has the skill to bricks and mortar store to touch, hotspots enable customers to go online grasp the opportunity.4. Google Mobile Internet and Smartphone Adoption Report January 2012.5. Nielsen’s Social Media Report: Q3 2011.6. Google “Our mobile planet: Austrlia – understanding the mobile consumer” May 2012.7. Cisco ISBG “Catch’em and keep’em 2011”. Industry Intelligence Unit 6
  7. 7. IIU Retail August 2012Fraud – the unknown, unknownI would like to start off with a quote the difficult ones. And so people who those who “say with high certainty thatfrom the former US Department of have the omniscience that they can say something has not happened or is notDefense Secretary Donald Rumsfield with high certainty that something has being tried”.in 2002 which was made in response to not happened or is not being tried have What’s the first thing that popsquestioning about Iraq and weapons of capabilities that are [beyond mine].” into your mind when you think aboutmass destruction. I will give you a moment or two fraud? I will almost guarantee it is “Reports that say that something to get your head around that set of one of the following; “I don’t have ahasn’t happened are always interesting to statements. Although at the time problem”, “it can’t happen here” orme, because as we know, there are known Rumsfeld was much maligned and “I trust everyone”. Be honest, you didknowns; there are things we know we mocked for this apparently nonsensical didn’t you? The amazing thing aboutknow. We also know there are known set of hypothesis, when you take each fraud is that everyone acknowledgesunknowns; that is to say we know there sentence apart they actually make perfect it exists and that it is a problem but,are some things we do not know. But sense. Fraud and fraud prevention, bizarrely, not a problem for them.there are also unknown unknowns—the much like any security question – as Similarly, the accepted wisdom is thatones we don’t know we don’t know. was Rumsfeld’s point – can equally be it only happens to the big guys or is forAnd if one looks throughout the history categorised as known knowns, known such insanely huge sums of money itof our country and other free countries, unknowns and unknown unknowns. could never happen to them withoutit is the latter category that tend to be Sadly it is also true in that there are discovering it quickly. These, I am sure, are thoughts that ring hollow with the former executives of the now defunct retailer Clive Peeters where $20 million evaporated without their having so much as an inkling that it had done so. Ms Sonya Causer joined Clive Peeters as a senior financial accountant and in April 2007 was given additional responsibilities which included authorisation of salaries, super payments, group tax and payroll tax. Over the course of the next two years Ms Causer then made 125 individual fraudulent payments to herself totalling nearly $20 million. It is fair to say that her modus operandi was basic. She merely altered payee details in order to divert the funds to her bank accounts. A trivial matter given that she had sole responsibility for this very system. An internal audit identified a $2 million discrepancy Industry Intelligence Unit 7
  8. 8. which led to a full investigation and thesubsequent revelation that nearly $20million had actually been stolen. As we are all aware this fraud hadcalamitous results, with Ms Causercited as being a significant contributoryfactor in the stores’ demise. But not allfrauds need to be on this scale to have aserious or fatal impact on your business.Consider another less well known butnonetheless true, retail story of woe: Amedium sized retail organisation withits own warehousing and distributionoperations discovered quite by chancethat certain numbers “didn’t quite addup”. Upon investigation it turned outthat a number of warehouse staff didn’tactually exist. What is more worrying isthat when presented with this evidencethe warehouse manager said, “you knowI thought it was strange I would see thesenames but couldn’t put a face to them!”. In another example, this time atthe customer end, a restaurant wasexperiencing stagnant revenue despitemaintaining the same level of clientelemuch to the confusion of the owner.Our investigation revealed a numberof schemes where cash was beingskimmed from the system. One of whichwas to simply “reverse out” or canceltransactions as if to refund a disgruntledcustomer but pocket the cash instead.To compound matters the same memberof staff was also responsible for cashingup at the end of the day and was able toremove more cash without any furtherchecks by the owner. These are justtwo of the many schemes we identifiedwhich were not only incredibly simpleto perpetrate but had gone unnoticed forsome considerable time. The key challenge for the businessowner is not only to be open to thepossibility that fraud could occur inyour business but to also recognise andidentify the warning signals or red flagsthat would allow an early and hopefullyless costly (in every sense of the word)resolution to the problem. When thinking about this challengeI am reminded of an observation by theirreverent surrealist cartoonist GaryLarson in his Far Side series where hesuccinctly sums up this issue which Ishall attempt to describe. Imagine if you Industry Intelligence Unit 8
  9. 9. will the scene, a doughnut store and inthe store there is an empty cabinet wheredoughnuts once resided and a very largeyoung man is sweeping the floor whilst Red flagsthe manager scratches his head and Individualexclaims he cannot understand why he 1. Change in lifestyleisn’t making any money as he is shifting 2. Purchasing patternslots of doughnuts. The clear implication 3. Gambling habitsfrom the drawing itself is that of course 4. Never takes a holiday/refuses helpthe large young man is eating all of them 5. Unusual working patternsand they aren’t selling many if any at all. What may you ask has that to Systemicdo with red flags? Well, the shop 1. Destruction or loss of documentationowner failed to follow the literal and 2. Overriding controlsmetaphorical trail of doughnut crumbs 3. Lack of ethical cultureto the real source of his dilemma and to 4. Lack of effective (cash) proceduresrecognise let alone identify the red flag 5. Consistent failure in timely detection of fraudulent activityliterally in front of his face. “This is a cartoon” I hear you furtherproclaim and would never happen inreal life let alone in my organisation. Forobvious reasons I will not name names Where the individual flags represent number on the total amount of fraudor identify companies but I can assure behaviour or actions by the perpetrator committed in corporate Australia andyou I have heard the following during of the fraud or misconduct and the one of the key problems is that a lot ofsome of my investigations in numerous systemic where the organisation fails fraud goes undetected and that whichretail chains and outlets, big and small: to prevent or facilitates the misconduct is detected is very often not reported“I thought it was strange he drove a through a lack of ethical culture, controls to the police. Again the various fraudFerrari!” and “I trusted him with the or procedures. There are numerous red surveys give us an indication that fraud iscash, I cant believe he had been sacked flags that can be identifiers of fraud or probably under reported by about 50%.for stealing before”, “she was a model misconduct but they are merely that, A quick sum from a non accountantemployee, never took time off and identifiers. In and of themselves they do $345million x 2 (100%) gives us analways worked late”. There is also the not necessarily mean anything untoward approximate fraud figure of aroundperson who had accumulated numerous has occurred but with the right policies $700 million. I would go further andboxes of luxury goods under their desk and procedures these flags can be say that both those figures should bedespite the fact that given their level and effectively assessed and mitigated. considered conservative for a varietypay grade they were unlikely to be able You may feel, even after these of factors: undetected fraud, lack ofto actually afford such shiny baubles. cautionary tales, that fraud is still not reporting through embarrassment or That is not to say that just because an issue for your store. Again sadly the market reaction and sadly a perceptionyour store manager who drives to statistics simply don’t bear this out. In that the law enforcement agencies won’twork in a Ferrari is skimming cash or the most recent survey conducted by be interested. To further bolster thefiddling the books. On the contrary there KPMG8 the value of fraud was estimated scary figures the Australian Institutemay be some plausible and perfectly at $345 million up from $301 million in its of Criminology estimates that fraudlogical reasons: a lottery win or family previous outing two years earlier. Now, accounts for 40% of the total cost of allinheritance for example. The key to there are a couple of things to remember crime perpetrated in Australia9.effectively assessing red flags is to be able when considering this number. The first Let’s revisit the initial question. Isto take a “step back” through the use is to remember that this only represents fraud a problem for you? Hopefullyof appropriate controls and procedures figures provided by the respondents to the answer has changed to “this couldwhich will enable you to look at the the survey and not Australia as a whole. be a problem and I need to assess thecumulative flags and decide whether Secondly and perhaps critically this potential”. If it has then thankfullythere is indicative behaviour that should represents the figure for fraud that has you are well on the way to effectivelybe investigated. been discovered and quantified. managing the risk of fraud and Red flags generally fall into two There are many difficulties faced preventing a Clive Peeters scenario frombroad categories, individual and systemic. when attempting to put a definitive occurring within your organisation.8. KPMG Fraud survey 2010.9. http://www.aic.gov.au/crime_communitycrime/costs.aspx Industry Intelligence Unit 9
  10. 10. IIU Retail August 2012Our National Retail TeamGrant Thornton is a Simon Trivett Partner – Audit & Assurancenational full service T +61 3 8663 6001 E simon.trivett@au.gt.comaccounting and business Gayle Dickersonadvisory practice that Partner – Recovery & Reorganisationspecialises in working with T +61 2 8297 2706 E gayle.dickerson@au.gt.comretailers of all makes and Chris Watsontypes, big and small. We Associate Director –closely work with our retail Forensic & Investigation Services T +61 7 3222 0267clients, so we understand E chris.watson@au.gt.comthis complex and diverse Adam Pittsmarket well. If you would Partner – Audit & Assurance T +61 3 8663 6186like to discuss any aspect E adam.pitts@au.gt.comof the above, please do Louise Worsley Partner – Audit & Assurancenot hesitate to contact one T +61 2 9286 5604of our industry experts E louise.worsley@au.gt.comdetailed right. Eric Passaris Partner – Audit & Assurance T +61 3 8320 2423 E eric.passaris@au.gt.com Clive Bird Partner – Tax T +61 3 8663 6283 E clive.bird@au.gt.com Industry Intelligence Unit 10
  11. 11. IIU Retail August 2012Industry Intelligence UnitAbout Grant Thornton Australia DisclaimerGrant Thornton is one of the world’s leading organisations of independent assurance, Material contained in this document is a summary onlytax and advisory firms. We help dynamic organisations unlock their potential for growth and is based on information believed to be reliable andby providing specialist services, business advice and growth solutions. In Australia, we received from sources within the market. It is not the intention of Grant Thornton that this document be usedhave more than 1300 staff across eight offices in Adelaide, Brisbane, Melbourne, Perth as the primary source of readers’ information but as anand Sydney. We combine service breadth, depth of expertise and industry insight with an adjunct to their own resources and training.approachable “client first” mindset and a broad commercial perspective. No representation is given, warranty made or responsibility taken as to the accuracy, timeliness or We are a member of Grant Thornton International which comprises firms completeness of any information or recommendationoperating in more than 100 countries worldwide. Through this membership, we contained in this publication and Grant Thornton will not be held liable to the reader in contract or tort (includingaccess global resources and methodologies that enable us to deliver consistently high negligence) or otherwise for any loss or damage arising as a result of the reader relying on any such informationquality outcomes for owners and key executives in our clients. or recommendation (except in so far as any statutory liability cannot be excluded).What is the Industry Intelligence Unit? This presentation has been prepared for generalThe IIU is unique in its objective of providing stakeholders with information, information and not having regard to any particular person’s investment objectives, financial situation or needs.understanding and analysis of the issues faced within specific industries and sub- Accordingly, no recommendations (express or implied) orindustries. The IIU also seeks to provide pragmatic, commercial, practical measures other information should be acted upon without obtainingand initiatives to improve stakeholder value. specific advice from an authorised representative. Please note past performance may not be indicative of future performance.Industry focusThe IIU utilises the industry experience and expertise of Grant Thornton partners andstaff across Australia. The IIU is predominantly focused on the following industriesand their related sub industries:• Aged Care • Healthcare • Professional Services• Automotive • Hospitality • Public Sector Dealerships • Life Sciences • Real Estate &• Energy & Resources • Manufacturing & Construction• Financial Services Automotive • Retail• Food & Beverage • Not for Profit • TechnologyIf you want to know more, please contact us...Adelaide Brisbane Melbourne Perth SydneyDale Ryan Chris Watson Simon Trivett Matthew Donnelly Gayle DickersonT 08 8372 6666 T 07 3222 0200 T 03 8663 6000 T 08 9480 2000 T 02 8297 2400F 08 8372 6677 F 07 3222 0444 F 03 8663 6333 F 08 9322 7787 F 02 9299 4533E info.sa@au.gt.com E info.qld@au.gt.com E info.vic@au.gt.com E info.wa@au.gt.com E info.nsw@au.gt.comwww.grantthornton.com.auGrant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the memberfirms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers itsservices independently in Australia. Liability limited by a scheme approved under Professional Standards Legislation.

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