I haven't looked at TGA and the RR business for quite a while, but it was flagged in this thread a few years ago that what used to be termed "brown goods" (home entertainment electronics) are now a low margin commodity. I recall that you were active in discussing this stock back then. This is why I have always steered away from JB HiFi (to my loss) which has continued to be a category slayer year after year.
While I appreciate that a large part of the consumer demand that RR caters for is the conspicuous consumption aspirations of people who may not be able to afford the "luxuries" of having a large flat screen TV, etc, so choose to hire purchase; another factor might be, that for those that are genuinely hard up and looking for a fridge, washing machine, lounge, bunk beds, TV, whatever, is that social media has, in my experience, promulgated the confluence of the sharing economy with the throw away society. If I go onto the various facebook groups that cater for buy/sell/swap/freebies in my local community I recon at any one time I could furnish a house and fit out a kitchen with appliances for free sourced on what people are giving away second hand for free.
That said, I would imagine the long period of zero interest finance of the post GFC monetary cycle, combined with the mass-availability and commoditization of consumer electronics and appliances retail distribution channels (including the disruption of online retail) has been the major factor.
The last time I looked at TGA they were looking to get into vehicle finance. Did anything come of that strategy?