Woolworths is having some trouble acquiring prime locations for its new chain of big box home hardware stores. According to retail experts, the problems stem from a lack of clear planning as well as a dearth of prime sites for expansion. Laws are also getting in the way of the retail giant's expansion stores, which will be known as Masters.
The company's goal is to challenge the home hardware giant Bunnings, which currently controls the home improvement market in Australia. Woolworths is planning to open 150 stores across the country over the next five years, with the first Masters location set to launch in Victoria in the second half of 2011. Meanwhile, the company is selling off some of its other property holdings to Charter Hall Retail REIT and pension fund Telstra Super. The transaction involved over $266 million worth of shopping mall property.