Woolworths CEO Denies Land Hoarding Accusations

Woolworths CEO Brad Banducci has stated that the supermarket giant did not engage in land hoarding amid allegations that it used unfair business practices to eliminate competition. This comes after food wholesaler Metcash CEO Grant Ramage alleged that Woolworths and its rival, Coles, were trying to buy out and purchase the property of independent stores and supermarkets to force them out of business. Mr. Ramage said in some cases, the two supermarkets were willing to pay high prices that would not return them any benefit for many years. According to his assumption, this was to prevent competition in certain regions. During a Senate hearing on April 16, Mr. Banducci said his company was not involved in “land banking.”...