New retail mega-store on its way to Australia

The Australian retail market is about to get a brand new competitor with American discount chain TK Maxx announcing it is on its way Down Under.

The global store, which sells designer brands at drastically reduced prices, plans to open 35 stores in Australia in April and is set to put intense pressure on some of our biggest brands.

Experts say Target and Myer could be the hardest hit, with TK Maxx focusing on a similar price point and targeting the same demographic.

TK Maxx spokeswoman Tessa Buenen told News Corp Australians are becoming more savvy when it comes to how and where they spend their money and that TK Maxx could win shoppers over with their quality brands and cheap price points.

“We know that Australian shoppers are especially smart and savvy and they have a great appetite for international brands,” she told news.com.au.

“The majority of the product we sell is current season and we deliver great value through the way we buy … You can find something basic at a low price, but also you can walk in and find a high end brand or up and coming designer.”

In a bid to encourage shoppers to spend their dollars on the spot, the chain will also be supplying limited quantities of each item of clothing and bringing in new stock and styles every week.

The chain already runs on this model around the world and says it means people are more likely to buy something straight away for fear they will miss out.

Some of the big brand names you can expect to see on the racks are Ralph Lauren, Marc Jacobs, and Alexander Wang.

Would you shop here? Do you think Australia’s retail stores need to offer better deals for shoppers?