Bishop confirmed that the current store rely of 38 Wallace Bishop and five Hardy Brothers stores was the same as in the pre-COVID-19 period, adding, “There are not any plans to shut any stores in the foreseeable future. We proceed to review our retailer footprint, which is ‘business as usual’ for the Wallace Bishop Group. With a combined whole of 64 group shops, Wallace Bishop was the fourth largest group after JPL , Michael Hill and The Jewellery Group . Zamels had additionally encountered problems with its model image in 2012 when it was fined $250,000 by the Federal Court after being found responsible of misleading customers concerning the savings to be made throughout an in depth gross sales period. Further, and extra importantly, the continuous improve in shopping centre tenancy prices – notably per-square-metre rents – has resulted in an unsustainable business model, especially when ‘rent’ features a proportion of sales.

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Not solely does Bevilles operate fewer stores at present than it did in 2010, over the ensuing years two shops had been closed and, in April 2014, the chain entered voluntary administration. However, regardless of the business’ lengthy historical past of resilience, it’s honest to say that management didn’t count on to see anything like the coronavirus pandemic that has triggered a worldwide economic disaster. This ACCC double-whammy may additionally have affected the Zamels’ enterprise model which was based round ‘was-now’ promoting; its retail advertising and pricing methods have been modified and which, ultimately, could have impacted trading levels. The concept was trialled for 18 months, beginning in five Queensland stores in 2013 under the Captured Moments brand.