Harvey Norman announced a jump in sales for this financial year and it's all thanks to Malaysia.
👉 Background: Harvey Norman is the Aussie furniture, bedding, electronics retailer that was started in NSW 40 years ago.
👉 What happened: Despite all of the concerns around cost of living affecting retail, Harvey Norman announced that its sales are up 6.9% for this financial year so far. Not beeehd.
👉 What else: On top of that, Harvey Norman is so confident in future growth thay they are opening more than 50 stores in Malaysia over the next 6 years. It makes sense because sales in Malaysia have risen 44.5 per cent in the past four months.
💡Australian retailers expanding overseas is not for the faint-hearted.
💡But despite all the red flags before, Harvey Norman have still decided on global expansion. But their approach has been very targeted - South East Asia.
💡 Malaysia has a strong economy, low unemployment and the median age of the population is just over 30 years old. And this might just be the prime age for moving into a new house and looking to go one-step-up from Ikea.
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