for some of Australia's department stores, even the weakest part of the retail sector was buoyed by the online surge.exceeding the annual sales at its Bourke St, Melbourne store. David Jones online sales grew 46.8 per cent and contributed to 7.7 per cent of total sales, with chief executive Ian Moir saying the channel was "very profitable".
"Will they be more profitable with a consolidated footprint and a strong digital offer? The quick answer is yes," Mr Greenberg said. The effect of the Morrison government's tax cuts and two consecutive rate cuts have started to flow through into consumers' pockets, said Mr Raymond, who believes retail is coming out of a trough into the next phase of its cycle.
"I wouldn't say we're accelerating rapidly, it's still cautious out there. But I don't think we're seeing things get worse."