Aussie bargain hunters will be thrilled at the news of The Reject shop’s latest multi-million-dollar takeover deal, which has promised an expansion of 700 new stores nationwide.
This week Canadian retail giant Dollarama acquired The Reject Shop for an eyewatering $259million.
The deal marks a milestone moment for the brand, which looks as though it’s about to give retail giant Kmart a run for its money.
Speaking exclusively to FEMAIL recently, a Reject Shop spokesperson teased that they couldn’t give away too much when it came to their future plans, but did hint they may explore more luxury-inspired offerings.
This will come as music to many Aussie ears, especially when shopping for those viral ‘dupes’ that rival pricier homewares brands like Dolce and Gabbana and In the Roundhouse.
‘We have some very exciting homewares collections coming up throughout the year and cannot wait to share them with our customers,’ they said.
‘We love home decor that gives a colourful personality to spaces, giving our customers the chance to make exciting choices with their interior design while remaining on a budget.’
The Reject Shop CEO Clinton Cahn announced that he was ‘excited about the opportunities that this transaction presents’, as many Australia consumers are in such a cost-of-living crunch.
The Reject Shop are renowned for viral dupes of homewares like Dolce and Gabbana (pictured)
This deal will also see a huge rise in availability for Aussies to get their hands on products even quicker, with more physical stores to cater to the rising demand.
However, not all fans are convinced this is a good thing, worrying that the prices, quality and luxury ‘dupes’ might diminish now that Dollarama has taken over.
‘Gosh… they better keep there low prices or I will never shop there again,’ one said on TikTok.
‘If they change the type of products that the reject shop sells I’m going to be so mad because the strawberry collection of plates and bowls are everything to me,’ commented another.
According to UNSW consumer behaviour researcher Professor Nitika Garg ‘The Reject Shop’s buy-out signals a strong vote of confidence in the Australian retail sector.’
Speaking to FEMAIL, Professor Garg said ‘healthy competition between budget retailers is ultimately a win for Aussie shoppers’.
‘It pushes companies to improve quality, keep prices low, and deliver better value,’ she said.
A deal like this will also be a huge boost to local economies.
‘We have some very exciting homewares collections coming up throughout the year,’ says a spokesperson from The Reject Shop. Pictured: Their sell-out In The Roundhouse ‘dupe’ plates
‘This influx of capital could drive innovation, expand local operations, and create more jobs – all of which are positives for the broader Australian economy,’ Professor Garg said.
With the cost of living crisis making designer homewares an impossible splurge for many, stylish budget alternatives are flying off shelves.
Shoppers can’t wait to see how Kmart will rise up to the competition in the coming months.