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Kenny Rogers famously said, "You've gotta know when to hold 'em, know when to fold 'em, know when to walk away, and know when to run."Woolworths took a big gamble expanding into hardware and it seems like its previous management didn't take the country music legend's advice.

It is dominated by one major player, Bunnings, owned by Wesfarmers, which manages to generate roughly a 30 per cent return on the money it invests into the business.

To put that in perspective, Wesfarmers generates about 10 per cent from investments in its Coles supermarket business, even after its much-vaunted turnaround.

You would have thought, given the strong profit margins and sales growth that Bunnings achieves, that there would be plenty of room for a significant second player to do at least reasonably well.

Not only that, but Woolworths' timing couldn't have been much better.

While it opened its first few stores during a real estate downturn, the past couple of years have seen a boom in the biggest markets of Sydney and Melbourne.

When property prices rise, and investors come to dominate the market, renovations are the order of the day.If you're in hardware, that should mean a roaring trade.It certainly has for Bunnings, but not for Masters.My colleague Emily Stewart did a fantastic analysis piece back in May looking at the five key errors Woolworths made in launching Masters.There's no need to repeat it but, in short, Woolworths came late to the party, missing the best locations - an error compounded by its rush to roll-out stores.Unlike Wesfarmers, a conglomerate used to letting its very distinct businesses operate independently as silos, Woolworths management got distracted by its new hardware venture.

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