![]() ![]() ![]() They went through a process over the last few years, much like David Jones, where they closed stores that were no longer servicing a community because the demography had changed.’ He added: ‘Obviously John King has put in significant cost savings for the business. ‘I think Myer has looked at the centre and saw it is tired and needs investment and without that, it’s incredibly difficult for a retailer to maintain a flagship store,’ he said. Professor Mortimer, who lives near the mall and walks through it frequently, said it was old and tired. ‘I think it’s less around the brand of Myer and more around the poor conditions of the centre.’ ‘But what we are seeing in Brisbane is a good example of the challenges that retailers now face when it comes to leasing space within a shopping centre. ‘Look at their half-yearly results, $1.8billion in sales – 24 per cent higher than the same time last year. ‘Clearly Myer CEO John King has been able to turn the business around,’ he said. Retail expert Professor Gary Mortimer told Daily Mail Australia the decision to close the centre that bears its name had ‘come as a surprise’. Last week, Myer recorded a 24.2 per cent lift in sales to $1.884b for the 26 weeks to January 28, as net profit rose over 100 per cent to $65m, according to The Australian. This is despite the once-ailing emporium recently posting its best profit since 2014. Myer will leave the Myer Centre in the Brisbane CBD at the end of its lease in July this year ![]()
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