Your problem is this: clicking on the link triggers a click event, which is doubled and processed by your function showMenu, and by default KO will not trigger the default browser behavior, so your link will not open.
, true, KO , clickBubble false, showMenu :
<a class="sub-item" href="http://google.co.nz"
data-bind="click: function(){ return true }, clickBubble: false" >
Submenu item
</a>
documentation.
JSFiddle.