AUSTRALIA’S supermarkets are closing in a dramatic move to help reduce household debt.
But it’s the move that could cost a lot more for the retailers and retailers say it will help them pay down their debts faster.
The closure of supermarkets is a major victory for the retail industry and its customers, who have been paying huge amounts of rent, mortgages and other debt to retailers.
Retailers say it is an opportunity to pay down debts faster and boost profits.
The Australian Retail Federation says its members will be able to make up to $50 million in savings through the end of March.
But the impact is not limited to retailers, it is expected to impact other businesses as well.
The Government has committed to spending $300 million to buy a third of supermarkets and other food retailing businesses by 2020.
Retails will be required to close by 2025 and many small businesses will have to close or be forced to close.