EP #28 - What the War Means for Australian Retail, Feb Scoreboard, 10 Years of tRS

Episode 28 of The Retail Scoreboard unpacks the February 2026 retail results, the growing global pressures shaping Australian retail, and reflects on 10 years of The Retail Score. Using anonymised data from 100+ retailers, the February scoreboard reveals a retail environment that remains fragile beneath the surface. Like-for-like sales lifted 1.2%, but once again the growth story is being driven by price rather than demand. Unit sales fell 2.6% and transactions declined 1.1%, signalling continued softness in consumer activity. Gross profit dollars rose 2.9%, with GP% up 1 point, while average selling prices increased 3.9%. This pushed average transaction value up 2.4%, highlighting how pricing continues to carry retail performance. Across channels, online remained the standout, growing 5.5%, with outlets also strong at 5.7%. Concessions delivered modest growth of 1.2%, while standalone stores slipped into decline at –0.4%, reinforcing the ongoing pressure on physical retail. State performance was mixed, with TAS and WA leading growth, while NSW, VIC and QLD all recorded declines. The episode also explores global forces now shaping retail, including geopolitical conflict, rising energy costs, interest rate pressures, and the continued impact on consumer confidence and supply chains. To mark 10 years of The Retail Score, we also look back at the major structural shifts that have reshaped Australian retail, from the rise of e-commerce and omnichannel to global marketplaces, discounting, and the growing role of data and AI. The conversation highlights how dramatically retail has evolved over the past decade — and what the next phase of change may look like. For full access to The Retail Score Index and deeper insights into Australian retail performance, visit www.theretailscore.com