Retail giant confident Omicron won’t ruin Christmas
BILLIONAIRE retailer Solomon Lew says he is not overly concerned about the emergence of the Omicron variant ruining crucial Christmas sales for his fashion and apparel empire, with shoppers cashed up and enjoying one of the strongest economies in the world.
The chairman of Premier Investments – which runs retail chains Smiggle, Peter Alexander, Portmans, Jay Jays and Just Jeans – said record vaccination rates, low unemployment and low interest rates had made Australia “the envy of the Western world”, helping drive positive momentum in the retail sector.
Recently appointed Premier chief executive Richard Murray backed up his chairman’s views, adding that Premier Retail had bought early in terms of its fashion and apparel supplies. As a result, it is well placed to sell into elevated demand into Christmas fuelled by the more than $200bn in built up cash reserves Australians were now sitting on.
After Premier’s annual general meeting on Thursday, where Mr Lew revealed the retailer’s sales growth had bounced back in November following the easing of lockdowns across Victoria and NSW, the businessman said latest sales data flowing from his stores did not point to any pullback in consumer spending in the wake of the new Omicron strain.
“I think listening to the Prime Minister and what he is saying to our fellow Australians ‘is steady as she goes’ and there is no reason for concern at this point in time and we will just see what happens,” Mr Lew said.
“We don’t know enough about it (Omicron). Our numbers are very positive and are really good and the way I see things is like this, no other government in the world has delivered on jobs, low interest rates, investment in infrastructure and most important of all, the record vaccination rates. You would have to say we are the envy of the Western world.
“The Morrison government has delivered in spades and I am feeling extremely positive the voters will realise how fortunate we are and will return the coalition government with a majority.”