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Back to the future for Coles

It’s back to the future for Coles supermarkets with a return to the Australian Stock Exchange in its own right and the return of Steven Cain as CEO. Wesfarmers’ decision to divest its food, liquor and fuel businesses is a move to get out while the going is good because, in relative terms, the supermarkets business is past its peak. Unless Coles – or for that matter its arch rival Woolworths, are able to jump through regulatory hurdles and acquire large chunks of the independent sector,