Could the Woolworths of tomorrow be substantially different from the company it is today, with its stellar food business spun out as a separate listing and even a wholesale exit from Australia?

These are the questions being asked by some fund managers about the future direction of the retail group, with some thinking a separate listing of its blue-chip food business may one day be on the cards, as well as the exit from its David Jones investment in Australia or even from that country entirely...

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