Kmart has all but disappeared from the US. But its Australian namesake is booming.

The closure of a Kmart store in Bridgehampton, New York, in October marked the end of an era for the iconic chain. Once a go-to discount retailer with over 2,000 branches nationwide, Kmart was renowned for its low prices and "Blue Light Specials." However, the chain as it struggled to compete with rivals like Walmart and Target and the rise of .

Now, just one Kmart store remains in the mainland US, tucked away inside an At Home store in southwest Miami. On the other side of the world, however, things couldn't be more different — Kmart's Australian namesake is booming. The Australian company — which previously had a common shareholder with the US version but is no longer connected to it — first opened in Melbourne in 1969.

The Wesfarmers-owned chain now operates over 300 stores across Australia and New Zealand and employs about 40,000 people. Kmart Group, which comprises both Kmart and Target Australia, saw revenue climb almost 5% last financial year, from about $10.6 billion to $11.

1 billion, despite tricky market conditions brought on by a and . Gary Mortimer, a professor at the Queensland University of Technology who specializes in food retailing, retail marketing, and consumer behavior, told Business Insider that a key factor in Kmart's success down under has been its home brand, Anko. Anko, which began as a series of kitchen appliances before expanding to include products like stationary, home decor, and clothing, often replicates more expensive brands at cheaper pr.