Off-price retailer TK Maxx is set to open a new store in Melbourne’s south-east, occupying part of the former Big W tenancy at the Parkmore Shopping Centre in Keysborough.
The retailer – which sells third-party products across fashion and lifestyle at discounted prices – will join the centre’s transformation, alongside Aldi and Rebel Sport in a newly developed mini-major precinct.
The new space is set to open in the coming months, and adds to around 120 stores across the centre itself.
Parkmore Shopping Centre centre manager Jo Bush said the announcement reflects what the local community has consistently asked for.
“Our Parkmore customers told us they wanted more value, more variety and more reasons to shop locally and TK Maxx delivers exactly that,” Bush said.
“Parkmore has always been a centre built around the needs of local families, and the introduction of TK Maxx is a major step forward in our evolution as Melbourne’s south-east destination for value and convenience shopping,” she added.
This adds to over 80 stores in Australia run by TK Maxx, and over 500 stores across nine countries.
Big W background
Big W had ended its lease at Parkmore Shopping Centre late last year. That came amid a restructuring of the low-price department store by its parent company, Woolworths Group, which included the exit of W Living managing director Von Ingram, who oversaw Big W, Petstock, Woolworths MarketPlus and Healthylife. Big W managing director Dan Hake is now reporting to Woolworths group CEO Amanda Bardwell.
That came after Big W recorded a $346 million impairment charge in FY25 under Woolworths.
According to the group, Big W’s FY25 performance – which included an earnings loss of $35 million, down from a $14 million EBIT in FY24 – was impacted by a shift in mix towards lower-priced items as part of the range reset, increased clearance and markdown activity in clothing.
“This resulted in financial performance being below expectations and a review of Big W's near-term forecast and recoverable amount,” Woolworths’ FY25 annual report read.
Since then, Big W has seemingly improved its bottom line results, with EBIT in the first half of FY26 up by 122.5 per cent. That was driven by a 1.8 per cent lift in total sales, driven by improvements in clothing and an RFID rollout.