COMPETITION IN SYDNEY.

Auckland Star, Volume LXIV, Issue 100, 1 May 1933, Page 4

COMPETITION IN SYDNEY.

RIVAL DEPARTMENT STORES. Apropos of a new capital issue placed on the market by G. J. Coles and Co., Ltd., Jobson's "Digest" says:— "The market is not at all excited over the new issue of ordinary shares by Coles. It responded a little when the news came out but has weakened since, and the old shares (cum rights) are now much where they were at 40/9. I "It seems that investors are not altogether satisfied that the company's business will not suffer from the increase In competition. Woolworths, its chief rival, intends putting up a large building on the land in Sydney for which it paid £171,000. Selfridge's, a new venture, is preparing to commence business on much the same lines in Pitt Street, Sydney. "The directors of Coles, however, are not afraid. They recently opened up m a large way in Brisbane. They have replied to Woolworths' challenge by buying au L-shaped block of land in Sydney, running through from Liverpool Street to Castlereagh Street, not far from Woolworths' new site. On this land a new building is to be erected."