Potential lifeline for David Jones as billionaires eye bargain buy out - as analysts name the chains that could move in when its Westfield stores close

Detailed summary

Retail billionaires are looking to snap up David Jones on the cheap after the department store chain failed to pay rent, with Kmart, Aldi and Uniqlo among the retailers tipped to move into its Westfield sites when they close.

Published: 21:49 GMT, 15 November 2026 | Updated: 22:03 GMT, 15 November 2026

Retail billionaires are looking to snap up David Jones on the cheap after the department store chain failed to pay rent, with Kmart, Aldi and Uniqlo among the retailers tipped to move into its Westfield sites when they close.

The closure of David Jones stores would free up large amounts of floor space in Westfield shopping centres around the country.

Industry analysts say Kmart, TK Maxx, Baby Bunting, Aldi, Chemist Warehouse and Japanese retailer Uniqlo could take over the space.

'We view the potential downtime earnings impact as short term, and at worst medium‑term; longer term, we think all landlords should benefit from re-letting to more productive retailers that can pay substantially higher rents,' JPMorgan analyst Richard Jones said.

Meanwhile, a group of billionaires is hoping to pick up the retailer on the cheap.

The list of 30 interested parties reportedly includes retail billionaires Solomon Lew and Brett Blundy, as well as New Zealand company The James Pascoe Group and a consortium led by former Myer chair Bill Wavish.

National Basketball League owner Larry Kestelman and British retail billionaire Mike Ashley's Frasers Group are also said to be interested. Frasers Group already has a presence in Australia through a major stake in Accent Group, the country's biggest chain of footwear stores.

But retail analyst Barry Urquhart told the Daily Mail that David Jones had struggled to find a buyer despite a reported search lasting more than three years, amid warnings the department store chain would likely fetch a low price if it sold.

Opening of the article, excerpted from Daily Mail. To read the rest, open the article on the publisher's site.