Your Target Retailer

Guy Russo, Chief Executive Officer of the Department Stores division for Wesfarmers and Managing Director of Target, is renowned for his miracle recovery of the Kmart brand into a $5.2 billion enterprise.

Providing an entertaining and anecdotal speech at the Property Council Retail Breakfast, held on Thursday 9 August, Guy shared the story of his success, from humble beginnings to an industry leading CEO.

Among his top tips, Guy revealed the importance of product, property and people. Referring to Kmart’s resurrection, Guy explained, “We were trying to be the reject shop and Harrods, You cannot be both.”

During his eight years at the discount department store, Guy refurbished the stores, removed thousands of suppliers and brought the products back to a basic collection, appealing to the national consumer demand.

“We just want to reach all 25 million Australians, let everyone else do the rainbow stuff,” Guy chuckled.

His latest project, the rebranding of sister-company Target is already making a profit, and Guy is confident it will become the number one mid-range fashion retailer, “Target will be the same story, we are only in the third year.”

An audience-driven panel discussion was moderated by AMP Capital’s Retail Leasing Executive, Kym Thrift, while Vicinity Centres’ Regional General Manager, Daniel Sutton, and McConaghy Properties’ Managing Director, Gary McConaghy provided fantastic introductions and overviews.

The Property Council would like to thank Guy for his exciting and entertaining speech along with Kym, Daniel and Gary for their contributions. Thank you also to our sponsor, McConaghy Properties and support sponsor, Gadens.