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Harvey Norman has seen its unaudited profit explode 160 per cent between July and October to $341.11 million, compared to $131.17 million for the same period of last year.

Additionally, aggregated sales jumped 28.2 per cent between July and November, with all regions barring Singapore and Malaysia showing sales growth for the period.

Australian stores saw sales growth of 30.4 per cent for the six months, though this doesn’t take into account the relevant impact of store closures across Victoria and South Australia.

Likewise, New Zealand saw an increase of 20.4 per cent in local currency for the period, though this also lacks the impact of store closures in Auckland.

The most impressive gain was seen in Ireland, however, which saw aggregated comparable sales jump 52.7 per cent for the period.

The result follows a period of growth for the entire homewares sector, with mandated lockdowns forcing customers to spend more time in their homes and feeling the itch to redecorate. Executive chairman Gerry Harvey noted the opportunity early on in the Covid-19 pandemic, and was later forced to clarify that he didn’t intend to downplay the health risks.

“Now, everyone thinks I’m this callous old bastard out making a profit on other people’s misery … but believe me, that was not my intention,” Harvey told The Sydney Morning Herald and The Age.

JPMorgan economist Tom Kennedy thinks the lack of retail services data in official figures could be hiding a boost to consumption in the third quarter.

"Australia’s retail report is heavily skewed toward goods consumption, so overlooks much of the rebound experienced across the services sector since mid-year," Mr Kennedy said.

"The goods we have in our stores are selling like crazy, like never before,'' Mr Harvey said.

The RBA now expects GDP growth of 6 per cent in the year to June 2021, up from 4 per cent.

Payroll data released on Wednesday showed a dip in the jobs recovery, but the volatile numbers reflect the usual weakness in jobs for September and October and could find a further boost as Melbourne's reopening starts to steadily filter through to the local economy.

Total payrolls declined 0.8 per cent in the two weeks to October 17 and were down across every state and territory.

Westpac's Justin Smirk noted that momentum did improve, citing the 0.9 per cent drop in the week ended October 10 meant the week ended October 17 must have been a 0.1 per cent gain.

"It is worth noting the only age group to see a lift in employment was the under 20s, which are up 4 per cent in the month to October 17 and 10.1 per cent higher than pre-COVID levels – the only age group to be so," Mr Smirk noted.

Australian discount variety store The Reject Shop has teamed with DoorDash to offer a same-day goods-delivery service. 

The Reject Shop has diversified over the years to expand its offer from general merchandise into low-priced essential products, including grocery, snacks, pet care, garden, party wares, cleaning supplies, toiletries and other household items. Customers now can order from its stores via the DoorDah app, with orders delivered in as little as 45 minutes.

“The DoorDash partnership allows The Reject Shop to trial an online offering quicker than we planned and with minimal capital investment,” said Andre Reich, CEO of the retailer.

“It is a customer-centric offering that provides new and existing customers with a choice around how they wish to shop with us, which has become increasingly important this year.”

According to the company, the collaboration marks DoorDash’s largest retail partnership in Australia on its marketplace. Both brands plan to expand the number of stores that offer online same-day delivery with South Australia coming online from this month.

To celebrate the partnership, customers within range of the 120 The Reject Shop stores will enjoy free delivery for orders from $20. The promotion will last until November 8.

After a year involving voluntary administration, buying up businesses and naming a new CEO, Seafolly has unveiled its Summer 2020 collection – including ranges printed on sustainably recycled nylon.

The swimwear collection leans into 70’s styles, animal prints, vintage florals and retro colours, though a number of its pieces use nylon sourced from plastic-recycling firm Reprieve, which transforms recycled plastic bottles into fibers for use by brands such as Seafolly, Fitbit, Ford, Kathmandu and Patagonia.

At the time of writing, Reprieve has pulled and recycled over 23 billion bottles.

“We are really proud of our team who have been pushing the boundaries on product and design for the new season at Seafolly,” said Seafolly’s new CEO Brendan Santamaria, who stepped up into the role in September after the business’ brush with voluntary administration.

“We are on a journey to enable all women to feel confident at the beach and our ethos is all about creating innovative swimwear that celebrates the modern Australian woman.”

Santamaria said his aim in taking up the role was to bounce the brand back and pave the way for a post-Covid-19 recovery – adding that now is the time to shake up the way things are done at Seafolly.

While this isn’t the first time the business has used sustainably-sourced fibers in its swimwear, Seafolly is making a concerted effort to offset the 8 million tons of plastic that enter the ocean each year, which could help it to reach a customer that is increasingly value-led.

And, heading into a Christmas where it’s expected customers aren’t likely to follow their normal buying behaviours after months of uncertainty created by the Covid-19 pandemic, that could make the difference.

An artist's image of the eight-storey, 15,000-square-metre office building approved for Vicinity's Bayside mall in Melbourne. 

Vicinity's portfolio is more weighted to Victoria than some of its peers, and has felt the effect of the long second lockdown imposed on Melbourne, which began easing at the end of October.

Chief executive Grant Kelley told shareholders at a meeting conducted online on Thursday that most of Vicinity's Melbourne retailers began reopening from October 28 and Victorians had been quick to return to shopping centres, "displaying considerable pent-up demand".

"In the final week of lockdown, centre visitation was 39 per cent of the prior year," he said.

"In the week just gone, this has increased to 77 per cent of the previous year.

Vicinity has not provided earnings guidance for fiscal 2021 but said it does intend to pay a interim distribution this half. No distribution was paid in the second half of the 2020 financial year, due to the disruption of the pandemic.

"Through the extraordinary efforts of all Australians and most recently those in Victoria, we now have very low COVID-19 case numbers nationally," Mr Kelley said.

"Centre visitation across our portfolio continues to rebound, and we expect this trend to continue as travel restrictions lift, office workers gradually return to CBDs and general economic conditions improve."

During the disruption, Vicinity has been quietly getting its development pipeline into shape, submitting plans and winning approvals for a seriesof projects that could significantly diversify its portfolio through the addition of office space, serviced apartments and even residential towers.

Those plans include major redevelopments at its Box Hill and Bankstown malls, along with approvals for further development at Chadstone, including a nine-storey office building. As well, last month it won approval for an eight-storey, 15,000-square-metre office building at its Bayside centre in Melbourne.

Sporting goods retailer Decathlon has partnered with logistics business DHL Supply Chain to automate its Sydney warehouse, with the aim of effectively doubling productivity.

In the warehouse a number of Goods-to-Person robots will be deployed, which are capable of moving at speeds of close to one metre per second, and will enable human workers to dispatch up to 144 customer orders per hour.

The process is being handled by Körber, the same technology firm that is working with Wesfarmers to bring automated fulfilment to Catch Group.

The robots will additionally be able to navigate the warehouse autonomously, and can support a range of picking strategies, minimising manual labor and errors. And while the partnership will begin with these robots only in the Sydney facility, Decathlon already has plans to bring them to other warehouses around the country.

“The pandemic brought with it a surge in e-commerce demand, particularly for sporting goods as gyms and fitness facilities around Australia were forced to stop trading,” said Decathlon Australia chief executive Olivier Robinet.

“We have more than 15,000 SKUs in this fulfilment centre, so we need an innovative and practical solution that could scale up our ability to fulfil customer orders without prohibitively increasing variable costs.”

The solution was automation, Robinet said.

DHL Supply Chain ANZ chief executive Saul Resnick noted the pandemic has put significant pressure on all retailers’ supply chains, and it has become the business’ propriety to work with their customers to build more resilient and stress-resistant supply chains moving forward.

“Robotics and automation are incredibly important technologies that can make our customers’ operational processes more flexible, but they also create a better and safer working environment,” said Resnick.

Decathlon aren’t the first business bring automation into the fold following the nationwide stress-test caused by Covid-19, with eStore Logistics’ $40 million investment into automated fulfillment and Woolworths partnering with Knapp bringing robot-driven fulfilment to the forefront.

Universal Store CEO Alice Barbery: "Whether we're trading today or trading tomorrow, we're here for the long term."  Attila Csaszar

"I'm not going to lose my mind over one day," she said. "It's 2020 – people have had bushfires and lost houses and lost lives with coronavirus," said Ms Barbery, who lost her own home in the Brisbane floods in 2011.

"I can hardly hold my breath and turn blue because of this – it will bounce back tomorrow and life will go on."

Shareholders in the Brisbane-based youth apparel retailer took advantage of a COVID-19-inspired surge in spending to sell down their stakes in the retailer, two years after buying the business from founders Michael and Greg Josephson.

Ms Barbery said the retailer, which has 65 stores, planned to open five new stores a year, in line with its long-term average, but might open more if landlords were prepared to write good deals.

Universal Store differentiates itself from rivals such as Premier Investments' Dotti, Portmans and Just Jeans chains, General Pants and Myer by stocking exclusive products, selling private-label brands such as Perfect Stranger, Luck & Trouble, Common Need and Token, and exclusive ranges sourced from third-party brands such as Herschel, Abrand, Wrangler and Converse.

It emulates fast-fashion chains by delivering new stock into stores daily and using short-run buying cycles to encourage shoppers to buy quickly or risk missing out.

Sales have risen at a compound annual rate of 25 per cent over the past five years, reaching $155 million in 2020, and earnings before interest and tax have risen 32 per cent a year over the past three years, reaching $24 million in 2020 (including $5.1 million in JobKeeper subsidies).

In a little over a decade, Gen Z will be taking over the economy.

Gen Z currently earns $US7 trillion across its 2.5 billion-person cohort, according to a Bank of America Research primer on the generation, called “OK Zoomer.” By 2025, that income will grow to $US17 trillion, and by 2030, it will reach $US33 trillion, representing 27% of the world’s income and surpassing that of millennials the following year.

The report defines Gen Z as those born between 1996 and 2016. The oldest of Gen Z turn 23 in 2020, and the oldest millennials turn 39 this year. The youngest generation has the fastest-growing income, per the report, led by the US, closely followed by China.

This earnings growth is short of what it would be without the pandemic, of course. Gen Z students could lose $US10 trillion of lifecycle earnings due to Covid lockdowns, the World Bank has estimated.

Repeating millennials’ rocky career paths

American Gen Zers and millennials have been financially hardest hit in the coronavirus recession, suffering from unemployment rates greater than those during the peak of the Great Recession. But Gen Z is repeating the same rocky start to their careers as the oldest millennials: graduating into a recession.

Stanford research shows that recession graduates typically see stagnant wages, lasting for up to 15 years. The author behind this research, Hannes Schwandt, assistant professor at Northwestern University’s School of Education and Social Policy, previously told Business Insider that this the delay in wealth accumulation isn’t necessarily due to lack of jobs, but that recession graduates typically start at “lower quality” jobs.

A potential upside to this, Schwandt said, is that graduates job-hop to play financial catch-up, which can make them more flexible and help advance their career.

“Over time, what you see in these cohorts is a higher degree of mobility from one employer to the next,” Schwandt said. “It helps them climb up the quality ladder.”

Gen Z may want to look to millennials for an idea of what’s to come, as the so-called “job-hopping generation” graduated into the 2008 financial crisis, then entered the 2020 recession before their oldest members turned 40 years old. Now, before the economy has even recovered from the effects of the pandemic, millennials have just another decade left as the major driving force of the economy.

Target Australia has welcomed a new managing director as Marina Joanou steps back from her role.  

Stepping back to take a period of leave before determining her next role within Wesfarmers, Joanou has been succeeded by Richard Pearson, who joined the Kmart Group in September 2020. 

Joanou served over two years as the MD of Target, with Wesfarmers stating that she was crucial in the realignment of its strategy. 

"Ms Joanou’s leadership has helped steer Target through considerable change over the course of this year and she has played a significant role in resetting the Target strategy," Wesfarmers said. 

Pearson brings more than 20 years of retail and consumer goods experience to Target, having previously served as ASDA, Coles and Mecca. 

The news comes as Target reports -2.2% total sales growth for Q1 FY21. 

Credit Suisse's valuation was the chunkier one out of the pair, and its analysts said Fantastic was worth between $762 million and $959 million. Those numbers were based on an enterprise value to EBIT multiple between 10.2 times and 12.9 times.

Fantastic is forecast to post $74.5 million earnings before interest and tax in fiscal 2021.

Macquarie's valuation was much less bullish and in fact the top end of its valuation range fell below the bottom end of Credit Suisse's.

"While occupancy has been largely maintained, we expect continued pressure as support programs conclude," the analysts wrote in a client note on Thursday.

"There are some positive items in today’s update, namely cash collection," they wrote.

"However, other indicators such as the increase in vacancy and shortfall in speciality sales in NSW are the key negative items in our view."

The shopping mall's guidance remains withdrawn, after it pulled its outlook in March, during the initial onslaught of the coronavirus.

On Thursday, the listed landlord reaffirmed that its intention was to pay a distribution early next year from surplus net operating cash flows received during 2020.

In September, Scentre raised $US3 billion ($4.01 billion) through a hybrid debt issue to bolster its battered balance sheet, the first such issuance of a debt hybrid by a property trust since the global financial crisis.

"While occupancy has been largely maintained, we expect continued pressure as support programs conclude," the analysts wrote in a client note on Thursday.

"There are some positive items in today’s update, namely cash collection," they wrote.

"However, other indicators such as the increase in vacancy and shortfall in speciality sales in NSW are the key negative items in our view."

The shopping mall's guidance remains withdrawn, after it pulled its outlook in March, during the initial onslaught of the coronavirus.

On Thursday, the listed landlord reaffirmed that its intention was to pay a distribution early next year from surplus net operating cash flows received during 2020.

In September, Scentre raised $US3 billion ($4.01 billion) through a hybrid debt issue to bolster its battered balance sheet, the first such issuance of a debt hybrid by a property trust since the global financial crisis.

American luxury label Tory Burch has named Thiabault Villet as its new president for APAC. 

Villet's role will commence on December 28 and he will oversee all aspects of the brand’s operations in the Asia-Pacific region, reporting to CEO Pierre-Yves Roussel. 

Tory Burch recognises the region as a key market, having opened its first APAC boutique in 2010 and growing to 146 free-standing stores across China, South Korea, Southeast Asia and Australia.

Speaking on the announcement, Roussel said that Villet's appointment demonstrates the brand's commitment to the region. 

"The development of our business in Asia is a strategic priority for us.

"Recruiting an executive with Thibault’s depth of experience is a testament to our continued commitment to the region.

"His entrepreneurial mindset and impressive track record in our industry make him a natural fit and a welcome addition to our team.

"I look forward to working with him," he said. 

Villet joins the business from One in Beauty the entity combining the Revlon and Arden brands, where he served as Asia president. 

During his tenure at One in Beauty, Elizabeth Arden became the number seven prestige brand on China e-commerce platforms, with Villet spearheading the digital transformation of the brand in the region.

Prior to One in Beauty, Villet was chairman and co-founder of Mei.com, a Chinese luxury and fashion flash sales retailer that was acquired by Alibaba in July 2015.

Earlier in his career, he was the first Greater China president at Coach and vice president of the Luxury Products Division for the L’Oreal Group in Japan and in China. 

Speaking on his appointment to Tory Burch, Villet said that he is excited to commence his new role. 

"I have long admired Tory Burch as a purpose-led company, for its iconic, beautiful designs and for the superior quality of its products.

"The company’s growth in the APAC region has been impressive, and I am excited about working with the team and building on the brand’s extraordinary strengths," he said. 

Tory Burch operates two boutiques in Australia at Westfield Bondi Junction and Westfield Sydney, as well as an Australian website. 

Intimate apparel retailer Honey Birdette has ventured into the swimwear space.

The retailer has released a capsule range of swim pieces, with briefs starting at $79.95 and sets peaking at $249. 

Honey Birdette founder Eloise Monaghan said the range will disrupt the traditional swim market. 

"I went shopping and I just couldn't find a swimsuit I liked," she said.

"I went into several retailers and they were charging $100 just for a swimming top and they were all terrible."

The range features black, red and tiger print garments embellished with gold hardware. 

"This is about putting the sex back into swimwear. The prints out there at the moment - oh my God - what's with all the Fijian flowers? No-one's thinking about it," Monaghan said.

"No-one's putting detail into it, it's just churn and burn. Our range has those wet sexy looks that can control certain aspects of the body, and you can be confident in going from Bondi to a bar."

Details on the chlorine and salt water resistant microknit garments include gold eyelets and fox medallions. 

"We wanted to do something that was fairly decadent with big custom-designed buckles. Something that feels like HB but was designed to be seen rather than just being a functional piece," Monaghan said.

"The high bikini line is huge at the moment, but we wanted some control with it as well so we've used some fairly structural fabrics."

Honey Birdette briefly released a swimwear range previously, with Monaghan confirming the new venture has been better planned. 

"We didn't spend enough time on it last time, and it really takes 12 months to get the technical and the testing right," she said.

"We just went too quickly and I went too James Bond with it. There was too much neoprene, and it's a much lighter fabric palette these days."

She said the brand is keen to experiment with new product categories. 

"One day, swimwear for us could even be a whole new store concept with water running down the changeroom walls behind glass. But at the moment, it fits quite well within Honey Birdette."

And as for the demographic the new range will cater to, Monaghan said it's fluid.

"I don't think you can ever put an age on HB. I always get 'who's your demographic?' but I don't actually believe in demographics anymore," she said.

"The Honey Birdette customer can be an 82-year-old woman or a 17-year-old, a gay man or a transsexual. Our customers are so varied."

Mr Hounsell's resignation was a major victory for Mr Lew, who has been attempting to take control of the board since Premier bought a 10.8 per cent stake at $1.15 a share three years ago. The shares have fallen to 22¢.

Unappeased, Mr Lew said Mr Hounsell's ousting was a signal to the entire Myer board – including chief executive John King – that its time was up and directors should step aside or face being kicked out at an extraordinary general meeting.

"Garry Hounsell’s resignation ahead of today’s Myer AGM is the 'green shoot' that Myer shareholders have long been waiting for," Mr Lew said.

Premier will seek to have at least one representative on the board, in line with its holding. Mr Lew's previous "dream team" consisted of former Myer Grace Bros managing director Terry McCartney and former UBS banker Tim Antonie – both of whom are Premier Investments non-executive directors –as well as Stephen Sewell, the former CEO of shopping centre owner Federation Centres.

The question now is whether Mr King and other directors will resign or whether Mr Lew will have to call an EGM and rally enough shareholder support for a board spill.

Mr Wilson said he did not support Mr Hounsell's re-election because Myer needed a circuit breaker but dismissed suggestions he too had lost faith in Mr King. WAM had no current plans to support an EGM.

"We are supportive of the Myer management team," he said. "We voted for the REM report and the granting of performance rights for Mr King."

Mr Wilson, who recently called on the retailer to shrink its board and directors fees, has been a vocal supporter of Myer in the past and had teamed up with former shareholder Investors Mutual to thwart Mr Lew's attempts to roll the Myer board in 2018. However, he had second thoughts about Mr Hounsell's re-election.

"This will now allow Myer to benefit from clear air following a challenging period for the company," he said.

Ms Stephenson said Mr Lew's campaign would be damaging for customers, the Myer brand and shareholders – "what Myer needs now more than ever is stability".

Myer shares fell 6 per cent to 22.5¢, suggesting that shareholders believe the retailer is facing yet another period of disruption.

Ms Stephenson said it was essential that Mr King and the management team were able to focus on the business during the peak trading period between Black Friday and the January stocktake sale.

Mr King defended his Customer First turnaround plan, saying it was the right plan but needed to be accelerated, re-sequenced and expanded to enable Myer to capitalise on opportunities in a COVID-normal world.

Myer was in new talks with landlords to reduce floor space by at least another 60,000 square metres after locking in similar reductions. About 21 stores could close over the next eight years.

Mr King said Myer was well-stocked for Christmas and its online business continued to grow strongly after jumping almost 90 per cent in the July-half. Online sales had grown even faster since July and he said they would soon be a $1 billion business.

He also dismissed reports that Myer had $340 million of net debt and risked going into administration, saying it was net cash positive, and a $340 million financing facility was an overdraft to meet its funding needs during peak trading periods.

"We believe the business is on the right footing for a new COVID-normal retail world."

Several shareholders at the AGM asked why Myer was not prepared to work with Mr Lew and Premier, and tap their expertise.

Ms Stephenson said the board was prepared to work constructively with shareholders when there was a positive intent to create value for them.

Super Retail’s shares ended Wednesday's session 4.8 per cent higher at $11.69 following the update.

Online retail has boomed amid the COVID-19 pandemic. Digital sales at each of Super Retail's brands have more than doubled since the end of June.

Total sales, which include in-store, rose 25 per cent across the group for the same period despite 94 stores being closed through Melbourne’s second lockdown. Sales were positive across all brands bar Macpac, which fell 2 per cent due to being "heavily impacted" by the lockdown.

While the company did not provide any update on its earnings, Mr Heraghty said a 2 per cent jump in gross margins, thanks to a reduction in discounting, had boosted Super Retail's bottom line.

"Our considered approach to promotional activity in response to strong levels of consumer demand - to help manage inventory in the leadup to Christmas and optimise gross margin - and the substantial fixed component of our cost base means that revenue growth has flowed meaningfully through to the bottom line," he said.

Despite the bullish trading update, the company only narrowly avoided a 'first strike' against its remuneration report at Wednesday's AGM. A total of 17.18 per cent of investors voted against the report, just shy of the 25 per cent required.

Proxy firm ISS had advised its clients to vote against the report due to excessive short-term bonuses it awarded to Mr Heraghty, especially considering Super Retail's $6.5 million claimed in JobKeeper. It also took issue with the lack of specific hurdles required for the awarding of bonuses.

Investors also protested the awarding of 239,440 performance rights to Mr Heraghty, with 20.9 per cent voting against the proposal. ISS labelled the grant as "discretionary and less-than-rigorous" and questioned its grant price of just $7.19.

GlamCorner has closed a $12 million series B funding round to accelerate growth and operations.

The fashion-rental business will use the funding to realise its dream of becoming the 'Netflix for fashion,' allowing customers to have access to an endless online wardrobe for a monthly subscription fee. 

GlamCorner will invest in its collection, expanding it from 28,000 articles of clothing to over 60,000 articles and will introduce new product lines and brands. 

The business will also expand its fulfilment and distribution footprint which will include a significantly larger warehouse and fulfilment centre, garment care, laundry operation and logistics teams.

The new laundry will be designed to preen and clean up to 250 tonnes of clothing per month. 

GlamCorner COO and co-founder Audrey Khaing-Jones said that the business is thrilled to reach this milestone. 

"We have been working towards this moment at GlamCorner for eight years now — the moment fashion rental becomes an everyday part of our customer’s wardrobe.

"We’re so excited to offer our customer a better deal and via a fulfilment and logistics capability large enough to realise our ambition to be an Endless Online Wardrobe for every woman in the country," she said. 

The business will invest in its growing subscription box rental service ('Netflix for fashion') similar to US company Rent the Runway.

This investment will see GlamCorner launch exclusive products in collaboration with local and international designer labels - amounting to the 'Netflix Originals' of fashion rental. 

GlamCorner's tech-platform and team will also receive a funding boost with the business set to invest in a native iOS app, which is currently in development, as well as further fulfillment automation and systems. 

The investment round was led by family-owned, responsible and sustainable investment group, Treïs. 

Airtree Ventures, Giant Leap Fund, Marshall Investments and Silicon Valley-based Partners For Growth have also doubled down on their previous investments in the company.

Peter Gammell and MediaCap Fund are new investors in the oversubscribed round, with this round bringing GlamCorner’s total funding to date to $18 million from some of Australia’s leading investors in this space.

"We are delighted to welcome such high-quality investors on board for our Series B who share our vision and see the scale of the opportunity in front of us," Khaing-Jones said. 

"Having the backing and endorsement of a family owned responsible and sustainable investment Group such as Treïs exemplifies our goal to create a generational shift in fashion consumption," she said. 

GlamCorner offers access to global and Australian leading designer brands including Zimmerman, KITX, Camilla & Marc, Thurley and Ginger & Smart.

JB Hi-Fi boss Richard Murray says he is sticking with the top job for some time yet, after a shareholder asked about his retirement plans.  Eamon Gallagher

This comes after a record June quarter, underpinned by spending from consumers flush with cash from JobKeeper subsidies, superannuation withdrawals and international travel refunds.

Mr Murray told The Australian Financial Review that Australia's largest consumer electronics retailer had come off a very strong trading period but it was unlikely to be repeated.

"We are excited by customers getting back into store in Melbourne," he said.

When the ship steadies from the coronavirus pandemic and we start returning to some semblance of normality, retail is one of the sectors which will change permanently.

The advent of lockdowns and social distancing saw Australians accelerate a long trend toward e-commerce and online retail. According to research by Deloitte, Australia enjoyed a $4 billion e-commerce boom during the pandemic, with online small businesses seeing a boon from the country’s supercharged online spending habits.

Of course, it’s not the small business strivers who end up emblazoned on the glossy pages of The Australian Financial Review’s 2020 Rich List.

The Rich List, which lands in full on Friday, has seen big gains for Australia’s e-commerce barons, who have profited off the coronavirus bump.

Ruslan Kogan, founder and CEO of Kogan, has reentered the Rich List after falling off it in 2019 thanks to a low share price at the time. Following vigorous growth as entertainment-starved, locked down Australians turned to online retailers to get their fix – Kogan’s sales were up 39.3% compared to the 2019 financial year – Ruslan’s net wealth currently sits at $575 million.

Similar boons went to Harvey Norman boss Gerry Harvey, who saw his wealth surge by 35% to $2.57 billion. Though Harvey Norman is best known as a bricks-and-mortar retailer, it too capitalised on e-commerce when its stores shut down nationally, and then again in Melbourne.

The company reported a 7.6% increase in total revenue and a 19.4% jump in net profit, which Harvey said was the best results he’d seen in over 60 years of retailing. Of course, the famously ornery executive was quick to dismiss the role of e-commerce, despite not breaking it out in the company results.

“People get out there and talk about how [online is] going to take over all the sales, and it’s going to be 70 per cent of refrigerator sales or something, and I said that’s a con, and I still maintain it’s a con,” he told the Sydney Morning Herald.

Either way, he’s done well for himself out of the pandemic – a fact which got him in social media hot water back in March when he celebrated that fact while dismissing the seriousness of the virus.

The middlemen of the e-commerce world also saw big gains. Afterpay founder Nick Molnar – who became Australia’s youngest self-made billionaire after the buy now, pay later company’s remarkable share rally – now sits at number 50 on the Rich List with a net worth of $1.86 billion.

Competitor Zip also saw its co-founder Larry Diamond debut at with an estimated fortune of $552 million.

Expect to see more online sellers worm their way onto the Rich List in the coming years.

As well, its new digital queueing system called SocialQ will help retailers safely manage shoppers' movements and reduce capacity and congestion in stores. The recently developed software allows customers to pre-book their shop and virtually queue through the use of QR codes on their mobile phones.

Mr Cherny is hoping the app will become a major boon for retailers managing crowds through the Christmas rush, with the company also supporting contact tracing if outbreaks occur.

Mr Kelley said Vicinity was also rolling out interactive, real-time data showing visitor numbers and forecasts for any given day and the week ahead. The feature, updated every 15 minutes across its malls, will help customers plan when and where they shop before they leave home.

“This feature makes it easy to avoid the usual busy periods, such as the middle of the day, and on weekends, and will save time for the most convenient shopping experience,” he said.

Melbourne’s large shopping centres are emerging from the long coronavirus lockdown battered and bruised.

The crisis wiped up to $1.8 billion from the value of Vicinity’s malls as it gutted foot traffic and forced multiple stores to close, putting pressure on rental income from tenants.

Vicinity, which manages and part-owns multiple top-tier malls such as The Glen in Melbourne’s east and Sydney’s The Strand Arcade, plans to station COVID safety officers at entrances to remind visitors to use hand sanitiser on arrival, wear a mask, encourage everyone to practise social distancing and direct traffic flow.

Mr Kelley said the new measures were in addition to a rigorous cleaning and sanitisation program.

Contactless parcel concierge (click and collect) was now available at nine centres across Melbourne, including Altona Gate, Bayside, Broadmeadows Central, Chadstone, DFO South Wharf, DFO Essendon, Uni Hill Factory Outlet, Northland and The Glen, he said.