Australian Consumer Primer for 13 July 2026 – Chemist Warehouse, Bunnings, Coles, Greencross

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Australian Consumer Primer for 13 July 2026 – Chemist Warehouse, Bunnings, Coles, Greencross

J P M O R G A N Asia Pacific Equity Research

13 July 2026

Stocktake

Australian Consumer Primer for 13 July 2026 – Chemist

Warehouse, Bunnings, Coles, Greencross

ACKey themes we are exploring today: AustralianBryan RaymondConsumer Sector

(61-2) 9003-6750

• Grattan Institute deep-dive on the pharmacy industry offers a number of bryan.raymond@jpmorgan.com

potential reforms. The Grattan Institute has issued a detailed analysis of the Christina Kim

(61-2) 9003-7082

pharmacy industry. This includes both puts and takes for Chemist Warehouse, christina.kim@jpmorgan.com

as Grattan is highly critical of the Pharmacy Guild, as it advocates removal of J.P. Morgan Securities Australia Limited

ownership and location rules. This would introduce competition from

supermarkets, but enable Chemist Warehouse to rapidly open more stores. The

appeal of pharmacies to supermarkets may be overstated, however, given

supermarket owned pharmacies account for share of overall pharmacies by

number of 4% in NZ, 5% in the UK and 15% in Canada. The suggested reforms

would negatively impact dispensing economics; however, this would

disproportionally impact smaller pharmacies, which are highly reliant on

prescriptions (~70% of revenue for Guild members vs. ~33% for Chemist

Warehouse). Guild survey data indicate the average PBT for member

pharmacies (which is ex-Chemist Warehouse) has increased from $150,000 to

$370,000 over the past 10 years, despite losing market share to Chemist

Warehouse over this period. The Grattan Institute is an independent think-tank

that focuses on public policy recommendations. The Australian Federal

Government and Victorian State Government are its founding members.