Australia’ major retailers and department stores are advising higher than expected Boxing Day and after Christmas sales. Some are saying record sales.
Following long queues outside larger retailers like David Jones and Myers the doors have opened to rushes to the discounted products.

The Australian Subsidiary of Navman satellite GPS navigation systems manufacturer has been fined $1.25 million by the Australian Federal Court after the ACCC sued it for 35 offences alleging illegal price fixing. Two executives of the company were also fined.

Court submission revealed that Navman tried to stop small retailers from cutting prices on Navman GPS systems, threatening withdrawal of stock to avoid complaints from some of its larger retailers. Major customers included Dick Smith Electronics now owned by Woolworths, Harvey Norman, Strathfield Car Radios and Whitworth’s Nautical World.

Navman which commenced in an Auckland garage has grown to a global company that produce portable navigation devices for marine and motor vehicles with Intelligent features such as built-in Real-time Traffic and Route Traffic Overview that lets you know in advance what’s ahead. Safety features such as text-to-speech speaks road names as you approach a turn.

Stockland today announced the sale of its 50 per cent interest in three New Zealand shopping centres to AMP New Zealand Property Retail Limited (AMP) for A$322 million, as it looks at re-investment opportunities in key strategic growth areas in Australia and the UK.
The Auckland-based shopping centres, Botany Town Centre, Lynnmall Shopping Centre and Manukau Supa Centre, were jointly owned by Stockland and AMP New Zealand Property Retail Limited.
Stockland Retail CEO John Schroder said “The sale of our interest in these centres represents a total blended yield of 5.9 per cent and has delivered a strong premium to book value.”
“Selling our stake in these centres ensures we can continue to focus on using our management, leasing and development expertise to add value to our Australian portfolio, which has a book value approaching $4 billion and an $1.8 billion development pipeline.”
“Demand for retail assets and the resulting cap rate compression meant that it was timely for us to pursue the sale of our interest in these centres and capitalise on other value-adding opportunities in the market to deliver improved future returns,” Mr Schroder said.
Stockland acquired its stake in the three New Zealand centres as part of its acquisition of the AMP Diversified Property Trust in 2003.
Stockland owns, manages and develops shopping centres throughout Australia. Stockland’s 40 retail properties generate annual sales of $5 billion and 128 million shopper visits per year.
The sale is subject to approval from the New Zealand Overseas Investment Office.

Stockland today announced a joint venture with logistics experts Kaplan Funds Management (KFM) and Queensland Rail (QR Limited) to create a new intermodal facility at Stockland’s Department of Defence National Storage and Distribution Centre at Moorebank.
The announcement is a key plank in Stockland’s broader capital partners strategy, which will extend capital partnerships across its diverse property portfolio with a wider range of investors.
Under the arrangement, two entities managed by KFM have each taken an interest of 15% and QR Limited has taken a 10% interest.
Stockland CEO Office and Industrial Steve Mann said “We will create an ‘inland port’ solution to help absorb the mounting pressure of increasing container volumes at Port Botany. The new intermodal rail terminal will cater for containerised freight servicing the port and intrastate and interstate rail line haul markets.”
“Through the development of this new facility, we are focused on increasing the modal shift from road to rail in line with the NSW Government targets.”