Bubs rides dragon
ASX LISTED goat‐dairy infant nutri*on company Bubs Australia has announced its results for the six months to 31 Dec, repor*ng both strong domes*c numbers as well as a “greatly expanded” e‐Commerce distribu*on capacity for its emergent China business.
Gross sales almost doubled to $3.72m, however the acquisi*on of NuLac Foods, capital raising and administra*on to support the growth led to a statutory loss before tax of $3.85m.
In Jul, the company announced a partnership with HealthOne, leading to growth in pharmacy sales by 459%, with Chemist Warehouse also taking up the range.
A significant boost to domes*c retail distribu*on has been achieved, the company added, with stock already in Costco, Aldi, and Coles supermarkets and soon to appear on Woolworths shelves.
IT’S the end of an era for an Australian pharmacy icon, with Sydney’s Soul Pa_nson Chemist on Pi4 Street Mall set to close its doors a}er 145 years of trading.
The building which houses the pioneering pharmacy has been sold to private retail investment group Kingvest, according to a Fairfax Media report.
The property, long held by Washington H Soul Pa_nson and Company, is reportedly changing hands for around $100 million.
Retail landlord Victor Comino owns Kingvest and also has the Apple, Telstra and Louis Vui4on stores in his highly prized porolio.
With infrastructure improvements in the precinct and high retailer demand, the mall now commands some of the highest rents in the world at rates between $12,000 and $15,000 per square metre, according to JLL’s Simon Rooney.