I found this article today:

After looking at the Tesco emails, I thought it would be a good experiment to see if any Australian retailers/supermarkets are doing emails well. Coles is probably the best place to start as they have recently revamped their emails and also repositioned Coles Online to be Coles.com.au (I think that’s a great thing – one umbrella brand without any sub-brands, so easy for the consumer to remember when they are going online).Dominique Hind’s Collective, Sep 2008

You should read the whole article.

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