The Australian Competition and Consumer Commission (ACCC) has announced that it will not oppose Coles Supermarkets Australia Pty Ltd's acquisition of leasehold interests to establish new supermarkets in Victoria, specifically at Mt Atkinson Major Town Centre and Deanside Central Town Centre. However, this approval comes with a significant condition: Coles must divest its ownership of a nearby site at Kororoit Town Centre.

The ACCC expressed concerns that the combined acquisitions would limit consumer choice in the local grocery market, as Coles would have controlled three supermarkets in close proximity, thereby substantially lessening competition. The divestiture of the Kororoit site to Neale Deanside Developments Pty Ltd, trading as Oreana, is intended to facilitate the entry of a rival supermarket operator into the local area.

ACCC Deputy Chair Mick Keogh highlighted the importance of maintaining competition in the grocery sector, particularly in areas with few existing competitors. The divestiture is seen as a necessary measure to prevent Coles from dominating the market and to ensure that residents in the new suburbs have access to multiple supermarket options.

The ACCC's decision is part of its broader efforts to monitor and regulate supermarket acquisitions, especially in light of findings from its recent Supermarkets Inquiry, which revealed that Coles and Woolworths dominate the Australian grocery market.