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A good sell for retail stocks

Retail stocks have offered a wild ride for investors on the Australian Securities Exchange in the past few years amid financial collapses, a reckoning for some franchise systems and constrained consumer spending. There have only been two significant floats of retailers in the past six years – the ill-fated Dick Smith electronics chain sold by private equity firm Anchorage Capital and last year’s Coles food and liquor division divested by Wesfarmers. In the same period, a number of public flo