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9th June 2021, 10:21 AM #61GOLD MEMBER
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- Oct 2003
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- Sydney,Australia
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- 3,157
I note that my local Bunnies (and a few others I have been to) now sell Wera screw and nut driver sets. They even have started stocking Kreg jigs and accessories - still have K4 & K5's if you want to avoid the new plastic-y range but only the 310/320 in the new clamp-on range.
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9th June 2021 10:21 AM # ADSGoogle Adsense Advertisement
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12th June 2021, 05:35 PM #62Senior Member
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- Sep 2016
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- Bentleigh East
- Age
- 50
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- 423
I don't know, it doesn't look like it?
I have here the Wesfarmers financial report and it looks like they have $0.8bn of owned land and buildings but they owe $6.1m of lease payments, more than half of which is Bunnings.
https://www.bunnings.com.au/-/media/...5726367CAC703F
It looks like the vast majority of their property is leased.
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12th June 2021, 06:21 PM #63
The key is to look behind the curtain.
Our Properties BWP Trust |
BWP is the invisible actor here
edit: speaking of Westfarmers... what a barking dog with fleas.... some people are buying up those shares hoping for a LOT of inflation! Almost 10-foot pole stuff
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13th June 2021, 12:57 AM #64Senior Member
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- Sep 2016
- Location
- Bentleigh East
- Age
- 50
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- 423
Ok, they have a 24% non-controlling ownership in a listed trust that owns 75 of their 300+ properties. To which they pay rent.
Dunno what's the meaning of that to be honest, probably works out better tax wise.
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13th June 2021, 09:17 AM #65
Probably is for tax ..by renting the properties the entire cost of the rent is tax deductible in the same year ...if they out right owned the properties it would be a depreciation right off over many years.
I knew a small one man business that ran out of a shed near ours...his self funded super fund owned the shed and therefore he paid full commercial rent rate to.........himself. For tax purposes.
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13th June 2021, 09:39 AM #66SENIOR MEMBER
- Join Date
- May 2010
- Location
- Bendigo
- Posts
- 776
Yep, you got it in one. Renting back to yourself is a great way to separate the trading business form the 'real money earner'. I was an accountant for a car dealership for 24 years and that was the standard model. The trading company's smaller profit was where executive bonuses were calculated from while the dealer raked in multiples of that puny profit hedged from view.
It's not so much about depreciation, which is a minor factor with commercial buildings.
Back to Bunnies and their empire building, one has to remember that when you have a winning formula you are kind fo stuck constantly trying to find green fields to expand into. Got to do something with all that money rolling around.
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13th June 2021, 03:50 PM #67Senior Member
- Join Date
- Sep 2016
- Location
- Bentleigh East
- Age
- 50
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- 423
I've dealt with Bunnings twice as a vendor, both times they ended up getting our services (in the $millions) just under cost.
It all came down to our CEO didn't want to tell the headoffice in Europe that "we lost our biggest customer".
Other idiots were submitting similar prices too, and that forced us to be "competitive".
Amazing stupidity all around.
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13th June 2021, 04:15 PM #68
Yep; standard operating procedures for BigChains.
About twenty years ago I was working as a management consultant and we had a lond standing client who was doing very nicely producing a product for "upper-middle" specialist retailers. He had been approached by one of the large supermarket chains and asked our advice. He had done the basic sums and it looked quite profitable; his overheads were already covered, direct marginal costs were modest and, prima facie, the proposal looked very profitable, initially.
We advised as follows:
- Customers of existing stockists viewed his product as superior to that stocked by supermarkets and were willing to pay a little more,
- Those customers would reconsider that evaluation if they saw his product on supermarket shelves,
- If he sold to BigChains at a lower price than existing stockists then they would be really p*ssed off.
It might be possible to repackage the existing product for supermarket sales only:
- with a new brand name and in different sizes from specialty stores lines (product differentiation), or
- as supermarket home brand lines only, and
- don't let any one customer be more than 20% of sales.
And never trust the b**stards.
Nevertheless, he did not accept our advice, we simply "were blind to a great opportunity" and we lost his account.
Five years later I was seated next to him at a function and he relished telling me how well he was doing. Sales were up by over 400%, he'd had to enlarge the factory considerably, banks came to the party willingly, and the world was great.
Three years later his company was in liquidation and he was personally bankrupt. Five generations of a family business no longer existed.
When he first approached us 100% of his sales were to small specialty retailers. They deserted him in droves and just before liquidation the sales profile had changed to:
- BigChain A - 40%,
- BigChain B - 30%,
- SmallerChain C - 10%, and
- Specialty retailers - 20%.
The banks readily extended credit for both working capital and to finance the rebuilding of the factory, but asked for personal guarantees as "routine" which he signed.
Then BigChain A asked for a very substantial price reduction "to match chinese competition" which he was unable to grant. He lost the account and the on-going overheads overwhelmed the much smaller sales base. The banks foreclosed and called in the guarantees.
PS: Spyro never worked for him! Same story. Management literature refers to this as "narcotic marketing". Get them hooked on your cashflow and you are in charge.
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13th June 2021, 04:58 PM #69
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20th September 2021, 09:01 PM #70GOLD MEMBER
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- Jun 2005
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- Townsville. Tropical Nth Qld.
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- 1,244
Well things are hotting up here. As if we aren't oversubscribed as it is, a new hardware store is nearly ready to go, owned by the Cairns hardware conglomerate. Also Trade Tools is about to purchase a property and open as well. Spoke to one of the Bunnies rep's and their trade tool shops are opening in WA first.
Interesting times.
Rgds,
Crocy.
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21st September 2021, 12:56 PM #71GOLD MEMBER
- Join Date
- Aug 2016
- Location
- Brisbane
- Age
- 57
- Posts
- 1,315
Very near me there is Trade Tools, more recently Total Tools and now Sydney Tools. Prices are all clearly advertised and they compete online against others. So plently of competition.
One thing about Bunnings is that it very hard and time consuming to find and get someone to help you. When you do get someone it is likely someone who knows how to use the checkout or stock lookup application but has no idea about the discipline/industry/problem that I am trying to address. They lean on one or two semi-retired men for all the advice - if they even employ anyone knowledgable.
Bunnings is a massive time drain. Being a hobbiest, typically I only figure out that I am in need of something in the weekend. Then it's always - is there anyway around this which means I don't have to got to Bunnings and waste a good bit of my time?
Whereas when I go into Total Tools for example, they are super helpful and when I'm not so keen on browsing I'm in and out with a good tool for the job I need to do. They are a franchise and so they are very keen to be helpful and priced well and get you comming back.
It's hard to see how a Bunnings buy out of one of these tool chains would be good for anyone but Westfields in the long run.My YouTube channel: https://youtu.be/2_KPRN6I9SE
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21st September 2021, 04:20 PM #72GOLD MEMBER
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- Jun 2003
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- Sunbury, Vic
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- 84
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- 2,719
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21st September 2021, 04:49 PM #73GOLD MEMBER
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- Apr 2018
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- Nsw
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- 64
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- 1,366
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21st September 2021, 06:09 PM #74.
- Join Date
- Feb 2006
- Location
- Perth
- Posts
- 27,796
While I do see many more tradies at places like TotalTools, most tradies usually know what they want - replacing or adding to an existing tool fleet. Like the time a few months back when I parked alongside a tradie in the Bunnings car park - it was about 7:30am. He was unloading a trolley full of just purchased power tools into his vehicle. His pickup with all his stools had been stolen and he was replacing some basics to do an urgent job.
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22nd September 2021, 10:52 AM #75SENIOR MEMBER
- Join Date
- Sep 2013
- Location
- Jarrahdale WA
- Posts
- 370
I HATE Bunnies
I too hate going to Bunnings, seems to take an inordinate amount of time to get the few things I need. But here in the West there are few alternatives open on a weekend.
As a inveterate and perpetual renovator (DIY) I have managed to strike up a relationship with a trade rep there and with a day or so notice she will assemble my order ready for collection. I don't abuse this by asking for two or three things and try and get the order to at least a couple of hundred dollars. Helps enormously time wise.
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