A popular Kmart store in Melbourne’s north is set to close its doors after almost 40 years.
Kmart confirmed the news saying the store, located at the Northcote Plaza shopping complex, would not be renewing its lease when it expires this November.
Close to 135 staff are employed at the location and Kmart confirmed that permanent members would be guaranteed jobs elsewhere in the company.
“Our store at Northcote Plaza will close on 22nd November 2020 following a decision not to renew the lease for that store,” a spokesperson told nine.com.au.
“Kmart has guaranteed redeployment for all permanent team members in another of our local stores.”
In September, the Australian Financial Review reported that private investors had purchased the Northcote Plaza Kmart and two Coles supermarkets for the sum of $60 million.
There are no plans to relocate the store.
While earnings for Wesfarmers giants like Target and Kmart have dwindled in recent years, the economy has not hit them as hard as other businesses in Australia.
Last month, clothing retailer Jeans West collapsed into voluntary administration, unable to hold a torch to online competitors.
The denim and maternity wear giant have 146 stores nationally, with close to 1000 employees on their books.
Gaming and electronics giant EB Games revealed they would be closing 20 stores across Australia, six in NSW, five in Queensland, four in Adelaide, two in Victoria, two in WA and one in the ACT.
Even upper scale retailers like David Jones are being impacted by the current market.
The branch in Brisbane’s Fortitude Valley announced its impending closure, just three years after it opened.
There is no word on any plans to close other Kmart stores at this stage.