The prime minister of New Zealand went to the opening of a new store in Wellington last Thursday evening. He said it was the first time he had given a speech among Stella McCartney handbags and Chanel perfumes. The next day, while it rained, a swarm of more than 100 people gathered outside the store before opening time.Replete with a top-hat-wearing doorman, it is a place that — if you were in the market for, say, Valentino shoes, a Korean beef salad or perhaps a Royal Doulton tea set — would be a fitting establishment to be in. It also happens to be owned by Woolworths.The JSE-listed group, which sells spiralised courgettes and Chuckles, has effectively exported David Jones (DJs), the department store chain it bought two years ago. The R23.3bn deal was called many things at the time: expensive, audacious, stupid, even. Its rationale, however, has only become clearer with time and a prolonged home market slowdown. The turnaround at DJs is evident: the product offering is better, sal...
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