Wal-Mart has opened its first stores on the Gold Coast in an attempt to compete with the country’s big-box stores.
Key points:Walmart says the new stores will feature more than 50,000 square feet and will be the first in Australia to be opened to the publicThe company says the Australian dollar will fall by $1.50 against the US dollar in AustraliaWalmart is offering customers free shipping on all purchases of $49.99 or more and free returns on all productsWalmart said the store is expected to open to shoppers in the third quarter of 2019The stores will be located at the Walmart Sydney warehouse in the suburb of Werribee.
They will feature 50,738 square feet of space and will feature up to 50 different products.
The company is offering free shipping to all customers who order $49,99 or above.
Walmart will also offer free returns, the company said.
The new stores are expected to be fully operational in 2020.
WalMart Australia CEO Mark Jones said the stores were designed to attract customers from the local community and help build the Australian economy.
“Walmart Australia is an example of a company that is taking the best of our nation and turning it into a success story,” Mr Jones said in a statement.
“It is a great opportunity for Australian businesses to expand their presence in the world’s largest shopping destination and we look forward to welcoming our customers into our stores once they’re back home.”AUSTRALIA’S FUTURE’The Australian dollar has weakened against the dollar over the past two weeks and it is currently trading at 1.2 per cent.
The dollar is down $1 since mid-July and has been falling against the greenback against the U.S. dollar in recent weeks.
The Australian government is due to announce on Tuesday if it will raise the $2.9 billion it has committed to fund a $15 billion infrastructure bond.
It will be up to Mr Jones and Treasurer Scott Morrison if the government is to raise the money.