ChannelNews reported yesterday that retail giant Harvey Norman is set to slash marketing budgets by up to $60 million due to a downturn in profitability. Internationally, the current marketing budget is said to be in excess of $300 million.
Reporting an 18% downturn in profitability due mostly by the poor performance of their Irish operation Gerry Harvey said that the company would be forced to cut its marketing budget by at least 20 per cent.
Insiders at the company have also told ChannelNews that the Company is looking to spend more dollars online and with vertical market publications. More marketing dollars online? About time!