 | |
| Company type | Subsidiary |
|---|---|
| Industry | Retail, Home improvement |
| Founded | 1 September 2011 |
| Defunct | 11 December 2016 |
Number of locations | 63 |
Area served | Australia, New Zealand |
Key people | Grant O'Brien (Woolworths CEO) Matt Tyson (Director, Home Improvement) Melinda Smith (Director, Masters) |
| Revenue | A$903 million (2017)[1] |
| A$59 million (2017)[1] | |
| Parent | Woolworths Lowe's |
| Website | www.masters.com.au |
Masters Home Improvement was an Australian home improvement chain operated by two retailers; Woolworths[2] and Lowe's. It was established as a way for Woolworths to enter the hardware retail market, which has been historically dominated by Bunnings, owned by their competitor Wesfarmers. These two companies also compete with each other with groceries, liquor, fuel and general merchandise. Most of the stores shared the same format of conventional Lowe's stores and borrowed elements from Bunnings Warehouse for the garden and trade areas.
The joint venture was ultimately a failure for Woolworths, accumulating losses of over $3.2 billion over a seven year period, and caused Woolworths to leave the hardware market. All stores were closed and sold off by 11 December 2016. A key reason for the failure was the lack of product localisation to the Australian market from company leadership, with product schedules based upon the United States Northern Hemisphere seasons, which do not align with Australia's opposite Southern Hemisphere seasons. The failure is regarded as one of the biggest disasters in Australian retail history and left Bunnings with a near-monopoly over the retail hardware market in Australia.[3]
- ^ a b Sales report. "Discontinued Operations - Financial Year 2017, Page 99" (PDF). Retrieved 4 November 2017.
- ^ "Masters Plan For DIY Market". Melbourne: The Age. 3 May 2011. Retrieved 18 May 2011.
- ^ "Hardware group Masters aspired to be a jack of all trades, but mastered none". The Courier-Mail. 2 September 2016.