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Kmart Australia Limited was created out of a joint venture between G.J Coles & Coy Limited (Coles) and the S.S. Kresge Company, owner of Kmart USA. Kresge owned 51% of the common stock in the company and Coles owned the remaining 49%; together they began to develop Kmart stores in Australia in 1968. [2]
The first Kmart store in Australia opened in 1969 in Burwood East, Victoria; the site was renovated in 2010 to be a shopping mall known as Burwood One. [ 264 ] Kmart Australia was born out of a joint venture between G.J. Coles & Coy Limited (Coles) and the S.S. Kresge Company (Kresge), with Kresge owning 51% of the common stock in the company ...
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In August 1985, the Myer Emporium Ltd and GJ Coles & Coy Ltd merged, [10] becoming the largest ever Australian Corporation. [11] The official name change to "Coles Myer Limited" followed in January 1986. The U.S. Kmart Corporation continued to hold shareholding in the merged company until Kmart sold its 21.5% stake in November 1994. [7]
The centre originated as a $9 million Super Kmart development in November 1986. Port Adelaide's Super Kmart was South Australia's first hypermarket. Opposite the hypermarket was an open-air mall with specialty retailers. [1] In 1989, the Super Kmart concept was scrapped, with the building divided in half to become a separate Coles and Kmart. [2]
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