Even Before It Arrives, Amazon Is Hurting Australian Rivals
- Wesfarmers scraps A$1.5 billion IPO of office-supplies unit
- ‘It seems highly likely that Amazon will take share:’ CMC
Amazon Could Affect Local Australian Retailers
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Even before Amazon sets up shop in Australia, the online giant is hurting its biggest rivals.
Wesfarmers Ltd., the supermarkets-to-hardware conglomerate that’s Australia’s biggest private employer, on Wednesday scrapped a A$1.5 billion ($1.1 billion) initial public offering of its office-supplies business. With analysts almost halving profit forecasts for some local retailers before Amazon.com Inc.’s arrival, Wesfarmers could’t get the price it wanted for Officeworks.