After analysing the financial health of retailers with more than 4000 stores, Macquarie says "profitability for apparel retailers remaining challenging", particularly for unlisted companies, as retail sales moderate and the lower Australian dollar raises import prices.

"Given the challenging retailer environment, we expect further retailers to enter into administration after the December peak trading period (i.e. in the first quarter of 2017)," the broker told clients.

Gone but not forgotten: Masters' $700 million liquidation sale led to a slump in hardware sales growth in December. Credit:Adam McLean

Macquarie said some unlisted retailers were unprofitable. These were RSH Australia, which owns jeans brand Westco and shoes brand Novo, and Fast Future Brands, which owns clothing brands Valley Girl and TEMT.

"We believe the possibility of further administrations from underperforming chains remains a risk for the [listed property] sector," the broker said.