Payless has been given the green light to open a new flagship store in Brisbane, Australia, to replace its existing one at Tullamarine.
The store will be the largest in Australia and the largest supermarket chain in the world.
The chain has been in trouble for years, losing market share and facing stiff competition from supermarkets such as Woolworths, Woolworth and Coles.
The new store, which is set to open in March, will be Australia’s first supermarket with a payless model, according to the company.
“We are excited to open our first payless supermarket in Australia, a first in Australia for more than a decade,” the company said in a statement.
“[It] will be a model that we believe is the right choice for our long-term growth strategy, which involves building new and better stores, while maintaining a strong presence in the local and national retail landscape.”
This will mean that the Payless team can focus on growing our global business through our global retail presence, and will continue to invest in our store base across Australia, as well as in our global network of suppliers.”
The new store will have a retail price of $12.50, the same price as its current location, and it will be located in the Tullamere shopping centre.
It will also be the first of its kind in Australia with no sales tax.
Its opening is part of the company’s push to expand into the domestic supermarket market, which has been a focus of the Australian Prime Minister Tony Abbott, who has been targeting the country’s 10 biggest supermarkets for the last year.
As part of its push into the supermarket market the company recently signed a new agreement with the Australian Competition and Consumer Commission (ACCC), which aims to open more than 100 stores in Australia over the next five years.
Payless, which was founded in 1988, has about 7,500 stores worldwide, including in the US, UK, China, India and Brazil.
Earlier this year the company announced plans to open three new stores in Brisbane.