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 Logo used from 1984 to 2016, and again from 2023 to present | |
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| Company type | Public |
|---|---|
| ASX: MYR | |
| Industry | Retail |
| Founded | 1900; 125 years ago (1900) |
| Founder | Sidney Myer |
| Headquarters | 1000La Trobe StreetDocklands, Victoria, Australia |
Number of locations | 57 (2023) |
Key people | Olivia Wirth (CEO) JoAnne Stephenson (Acting Chair) Elyse Knowles (Ambassador) Kris Smith (Ambassador) |
| Products | Womenswear, Menswear, Beauty, Homewares, Electrical, Toys, and General Merchandise |
| Revenue |
|
| |
| |
Number of employees | 14,000+ |
| Website | myer |
Myer (stylisedMYER) is an Australian mid-range to upscaledepartment store. It trades in all Australian states and one of Australia's two self-governing territories. Myer retails a broad range of products across women's, men's, and children's clothing, as well as footwear and accessories, cosmetics and fragrance, homewares, electrical, connected home, furniture, toys, books and stationery, food and confectionery, and travel goods.
Myer's primary department store rival isDavid Jones.[1]
Australian model, andMiss Universe 2004,Jennifer Hawkins was the long-serving 'face of Myer' for 12 years, until her departure from the role in 2018.
The Myer retail group was founded bySidney Myer, who migrated fromBelarus toMelbourne in 1899 after the height ofVictoria's gold rush, with very little money and little knowledge ofEnglish to join his elder brother, Elcon Myer (1875–1938), who had left Russia two years earlier. They opened the first Myer store inBendigo in 1900. After prospering, they opened a second store in Bendigo in 1908.[2]
In 1911, Myer purchased the business of Wright and Neil,Drapers, inBourke Street,Melbourne, near theGeneral Post Office, and a new building was completed and opened in 1914.[citation needed] From this base, Myer built Australia's largest chain of department stores, and the only chain with stores in all Australian states.[citation needed]
In 1918, the Doveton woollen mills atBallarat were purchased, and in 1921 a new building fronting Post Office Place was added at Melbourne and in the following years Myer purchased adjoining properties, eventually building a store known as theMyer Emporium.[3] The 1914 building had been designed by architectsHW & FB Tompkins, who went on to design all the extensions over the next 20 years. The Myer store expanded toLonsdale Street in the 1920s, and the Bourke Street frontage was expanded and rebuilt in 1933.[4]
The Myer Emporium grew with the purchase of the old established businesses of Robertson & Moffat and Stephens & Sons. InAdelaide, in 1925, the company Myer SA Stores Ltd acquired a controlling interest in Marshall's department store and its shares continued to be listed on the Adelaide Stock Exchange until Myer Emporium Ltd made a successful takeover bid in 1966.[citation needed] A separate building in Queensberry Street, Melbourne, was put up in 1928, it was called Carlton Despatch, Myer had a large number of trucks that delivered items to the suburbs of Melbourne. People phoned the department that sold what they wanted. It was then sent to Carlton Despatch and delivered to peoples homes. They paid with a Myer Card, that put the amount on their account, that was sent to customers monthly. TheCollins Street businesses of T. Webb and Sons, china importers, and W. H. Rocke and Company, house furnishers, were bought and transferred to the Bourke Street building. By 1934, the public company had a paid-up capital of nearly £2.5 million.[citation needed]
On the death of Sidney Myer in 1934, leadership of the company fell to briefly toLee Neil, who died a few months later,[5] and thence to Elcon Myer. On the death of Elcon in 1938, leadership went to their nephew Norman Myer. Norman Myer led the company until his death in 1956.[6]
Myer grew by developing its own stores (becoming one of Australia's major property owners and developers in the process) and acquiring other department stores, including Adelaide'sMarshall's and Bell's (Victor Harbor,Mount Barker,Murray Bridge andStrathalbyn andTailem Bend) in South Australia, Western Australia'sBoans in 1984, Queensland's Barry & Roberts as well asMcWhirters of Brisbane'sFortitude Valley in 1955 and Allan & Stark in 1959, in Victoria Paterson Powell Pty Ltd in 1953 (Ballarat), Bilson's (Colac) and Shilliday's (Mildura), and in New South Wales they acquiredWestern Stores, McLean's Central Stores (Lismore), Morley's (Tweed Heads), Farmers & Co in 1961, Mortimer's (Gosford) in 1968, P.G.Smith & Regans (Tamworth) in 1953 andGrace Bros in 1983.
In 1968, Myer acquired Lindsay's stores inGeelong,[7] renaming the businessTarget, positioning it as adiscount department store chain.[8]
The core business of the company began to expand even further with the purchase of liquor retailers (San Remo andCrittendens) and fast food outlets (Red Rooster).[9][10]
In 1983, Grace Bros bought Myer in New South Wales, and then in July of that year Myer acquired Grace Bros Holdings Ltd.[11] The Myer store onMarket andPitt Streets in Sydney became the main Grace Bros store.
In 1984, Myer acquiredBoans,[12] the dominant Western Australian department store chain and embarked on a major redevelopment of itsPerth City Store.
In 1985 the Myer Emporium (and Target, its discount department store) merged with GJ Coles & Coy formingColes Myer, then Australia's largest retailer.[13] Myer remained a distinct entity within the new corporate structure until it was sold in 2006.
In 2000, Coles Myer CEO Dennis Eck, faced with lower sales and profits from Myer and Grace Bros stores took the department stores down market, reducing service levels, increasing stock volumes on the selling floor and introducing product to appeal to younger consumers. In doing so, he ended up replicating the approach of another of Coles Myer's chains, Target. The resulting effect included reduced customer visits and reduced units sold per transaction. In 2001, Coles Myer set about to reposition the store to appeal to customers lost in the down market experiment.[14]
In 2003, one of the key changes made by the recently appointed Managing Director, Dawn Robertson, was to classify each Myer Grace Bros store using a grid system referencing the socio-economic status of the area, its turnover and growth potential. Larger city-centre stores would rank at the top of the grid and smaller regional stores would rank at the bottom of the grid. The grid would affect the merchandise allocated to each store, rather than selling the same range of product in downtown Melbourne as in regional Queensland.[15]
On 13 February 2004, Grace Bros stores were re-branded as Myer.[16]
In April 2004, Myer re-opened itsBondi Junction, store which replaced a former Grace Bros store closed in April 2002 to make way for the redevelopment ofWestfield Bondi Junction. It was the first Myer store to open in several years and incorporated new features such as white glossy floor tiles, extensive use of glass, and greater use of mannequins.[citation needed]
Under managing director Dawn Robertson, Myer began to target the Sydney market more strongly, to challenge the position of chief rivalDavid Jones particularly in ladies fashion. In February 2004, Myer held its Sydney fashion parade the day before David Jones. On 9 August 2004, Myer staged a fashion parade open-air inMartin Place, gaining widespread attention, and again it was held the day before David Jones' show.[17]
On 17 August 2005, Coles Myer announced that within 12 months, it would decide to demerge, divest or retain Myer. Thirteen expressions of interest were made for all or part of Myer.[18]
On 13 March 2006, Coles Myer announced it would sell Myer to a consortium controlled by US private equity groupNewbridge Capital. The consortium also included the Myer family, who held a 5% stake. The new owners, who also secured the freehold on the flagship Bourke Street store, indicated that they would not radically change the business, at least in the short term, and had no plans to redevelop the Bourke Street site as this would impact too heavily on profitability during the construction period. Texas Pacific also had interests in UK department storeDebenhams and high-end US retailerNeiman Marcus. This sale was completed for A$1.4 bn on 2 June 2006.[19]
After being divested from Coles Myer (laterColes Group, then purchased byWesfarmers), new owners Newbridge Capital and the Myer family appointed chairman Bill Wavish and chief executive Bernie Brookes, both formerly ofWoolworths.Rupert Myer joined the board representing the Myer family. Head office for Myer, moved fromColes Myer head office inHawthorn East back to Lonsdale House (Lonsdale Street store) in Melbourne's CBD.
Beginning July 2006, Myer held a "History Making Clearance" to clear out excess stock deemed either unprofitable or unpopular, and reduced inventories from $1.5 billion to $750 million, and all store-specific warehouses were closed.[20]
FormerMiss UniverseJennifer Hawkins began appearing in campaigns for Myer in 2006 and in January 2007 signed a $4 million deal to be the "face" of Myer for four years.[21]
Myer withdrew from the Coles Group part-ownedflybuys rewards program on 1 February 2007.
In March 2007, Myer announced first half earnings before interest and tax (EBIT) of $123 million, an increase of 84% on the previous year. This represents a profit margin of 6.8%, compared with 3.9% in the previous corresponding period. According to chairman Bill Wavish, all Myer stores were now profitable, and all stores were more profitable than in the previous year.[22] Myer acquired fourHarris Scarfe stores (including regaining a store it divested to Harris Scarfe in 1998) and took a minority shareholding in Harris Scarfe.
The Mymerch system, developed withIBM and Oracle, cost $99 million and was implemented early April 2007. Among other functions, Mymerch increased Myer's ability to carry out statistical analysis of customer habits giving it greater capacity to forecast sales trends and target promotions.[23]
Myer's profit turnaround was tempered in April 2007 by the loss of key staff. Bob Boutin, apparel director, Mark Bingemann, women's wear business manager and Jasmine Bingemann,footwear andaccessories manager all resigned within a short period.[24] This followed reports of management dissatisfaction over the direction of thefashion business signified by the defection of designers such asAlex Perry andTigerlily toDavid Jones.[25]
In June 2007, a consortium comprising the Myer family,Colonial First State andGIC Real Estate (Singapore) announced it would be purchasing Myer's Melbourne CBD store. The Bourke Street part of the store was planned to be redeveloped by 2009, with Myer taking a 60-year lease,[26] but the development was not completed until March 2011.[27] The Lonsdale Street part of the store closed in 2009.
In September 2009, following rumours from the previous month,[28] Myer indicated it would float the business at an indicative share price range of $3.90 to $4.90 when it listed on 2 November, giving it a market capitalisation between $2.3 billion and $2.8 billion.[29] The final issue price was $4.10,[30] but by August 2011 the shares had fallen to $2.09.[31]
In 2010, Myer's re-developed Bourke Street mall store opened, becoming the company's new flagship store. Head office moved to a new site inDocklands. The historic Lonsdale Street store was officially closed.
In early 2011, Myer purchased a 65% stake in Australian women's fashion labelSass & Bide for A$42.25 million.[32][33] In October 2013, Myer purchased the remaining 35% of the business for $30 million.[34][35]
In January 2014, it was revealed byFairfax Media that Myer had made a bid to purchase and merge with department store rivalDavid Jones.[36][37] The merger would have kept both chains operating independently on the surface, combining back-office and supply chain operations saving both companies an estimated $5 billion per year. The $3 billion non-binding indicative proposal was made to the David Jones board of directors in late October 2013, however was rejected by the board in November 2013. In February 2014, Myer reapproached David Jones, offering to purchase David Jones at market value (estimated to be 1.7 billion). David Jones had not yet commented on the new proposal, when food and clothing retailer,Woolworths South Africa offered to purchase David Jones, by way of a scheme implementation deed, in which shareholders of David Jones would be offered $4-per-share.[38][39] In response to the Woolworths deal, Myer withdrew their proposal to David Jones.[40] Myer's long serving CEO Bernie Brookes, whose strategy was to clean up the business and develop efficiency strategies, announced his departure in March 2015.[41]
In September 2015, as part of an outcome from the 2015 strategic review, a $221mn capital raising was announced.[citation needed] The resulting dilution of shareholder value in conjunction with little support for the actions in the strategic plan saw the share price decline to $0.91.[citation needed]
In April 2017, Myer acquired two fashion brands—Marcs and David Lawrence—after they were placed in voluntary administration.[42]
On 27 March 2020, Myer announced it would be temporarily closing down all of its stores from the close of business 29 March 2020 for a period of four weeks, standing down 10,000+ staff members, as a result of theCOVID-19 pandemic.[43] Myer continued to operate their online store, with no contact delivery available and click & collect at certain stores. Myer announced a plan to re-open all stores by 30 May 2020.
In late October 2024, Myer announced they had reached a deal to buyPremier Investments'Apparel Brands division (comprising the fashion brands Just Jeans, Jay Jays, Jacqui E, Portmans and Dotti). As part of the transaction, Myer will issue new shares (worth $863.78 million) to Premier Investments, while Premier will contribute $82 million to the business.Solomon Lew will join the Myer board as a non-executive director. The deal requires approval from the shareholders of both companies.[44][45]
The MYER one program was introduced in August 2004 after Coles Myer discontinued its shareholderdiscount card the previous month.
Myer revamped its MYER one program by introducing a graduated rewards system with four levels includingStandard,Silver,Gold andPlatinum. Each reward level is dependent on customer spend and confers exclusive benefits. The Platinum membership is by invitation only and is for Myer's highest spending customers and was added to the program in May 2013.
In September 2010, Myer stated there were 3.7 million members and five million cards in circulation. Of these, over 20,000 had Gold status, spending over $7,500 per annum. Sales attributed to members accounted for 68% of total Myer sales. Gift cards valued at $51 million had been provided to members as rewards in the previous year.[46] As of February 2024, the Myer One program has more than 7 million members.[47]
Myer originally had a store card managed by Australian Retail Financial Network (ARFN), sold in 1995 toGE Money.[48] This was superseded by a Coles Myer Card and Coles Myer Gift Card which could be used at all Coles Myer stores. This was augmented by the Coles Myer SourceMastercard, also managed by GE Money.[citation needed]
Following its sale, Myer relaunched the Myer card in October 2006 in conjunction with GE Money. According to GE Money, 125,000 accounts had been opened by August 2007.[49]
In November 2007, Myer launched aVisa credit card, also in conjunction with GE Money. Myer stated it was prepared to wear losses from the card for two years and that its objective was to drive increased loyalty from the card (which links with theMYER one card) rather than being profitable in its own right. It expected to sign 100,000 customers to the Visa card by November 2008.[50] Myer reported it had signed 15,000 customers to its Visa card in the first five weeks from launch, half of whom were converts from the existing store card.[51]
In 2007, the Coles Myer Card, Coles Myer Gift Card and Coles Myer Source MasterCard were renamed Coles Group Card, Coles Group & Myer Gift Card and Coles Group Source MasterCard respectively and as such were no longer affiliated with Myer.
In 2017, Myer's partnership with GE Money (nowLatitude Financial Services) ended, and Myer relaunched their store branded credit programme as the New Myer Credit Card, now offered byMacquarie Group. Existing card holders were invited to join the new programme, or have their existing Myer point earning cards converted to non-Myer point earning Latitude Finance cards.
As of April 2024, Myer has 56 stores across Australia, in both capital cities and regional centres.[52][53]
The national flagship store is located in theBourke Street Mall in Melbourne and received a $300 million redevelopment which officially opened in April 2011.[54]
In 1988, theMyer Centre in Brisbane'sQueen Street Mall opened in time forWorld Expo 88. The shopping centre featured 6 floors of stores. The top two levels featured an indoor amusement park, named Tops, with a swinging ship and Australia's first indoor roller coaster. The amusement park closed in the year 2000 and all the rides dismantled in preparation to convert the top two levels into a cinema complex.
In 1991, theMyer Centre opened inAdelaide housing the largest Myer store in South Australia and over 80 smaller shops, with an eight level atrium inside the shopping centre and six levels inside the Myer store.[citation needed] Until 1998, the top two levels of the atrium housed an indooramusement park known asDazzeland featuring Australia's only indoorrollercoaster.[citation needed]
In 1994, Myer opened a store atGalleria Shopping Centre (Perth). A retailerBoans was burnt during the 1980s and was replaced with Galleria.[citation needed]
In 2006, Myer announced the opening of several new stores, starting with four formerHarris Scarfe stores (two in South Australia and two in Victoria).[20] Further to this, in 2008 in Sydney, Myer opened two new stores in Sydney atWestfield Eastgardens andBankstown Central replacing the formerDavid Jones stores, while David Jones replaced the Myer store atWestfield Burwood, and stated it would open a store in suburbanTownsville centre in early 2009. This project was delayed due to problems with the acquisition of land; however, in late October 2012 a Myer store opened in that centre.[55]
In 2007, Chairman Bill Wavish stated Myer was willing to build new stores if necessary, and that new locations could be in any city or town with a population over 40,000 people.[56]
On 22 September 2007, Myer'sLiverpool Street, Hobart building was destroyed by a fire that is believed to have started in the cosmetic section. Building damage was estimated at $50 million, and most stock was destroyed. The building including its historic façade was subsequently demolished. The adjacentMurray Street building suffered substantial smoke and water damage. Within a day of the fire, Myer issued a statement saying it would rebuild, and the Murray Street section of the store reopened on 16 November – 44 days after the fire.[57][58] A new 8797 sq m,five-level Myer store finally reopened in November 2015.[59]
Myer opened a store in the redevelopedTop Ryde City in northern Sydney in 2010. There was (previously an A.J. Benjamin's store) Grace Bros store at this centre from 1964 until closure in early 1985.[60] The Myer store closed in July 2015.
In April 2008, Myer announced that it would open three new stores in Queensland. The first two stores were planned to open in 2010 atWestfield Garden City –Upper Mount Gravatt,Robina Town Centre with the third store planned to open inMackay in 2011. Myer also announced that it would open a store atEast Maitland in 2011 when the redevelopment was completed, later delayed until 2013.[61]
In July 2008, Myer stated it planned to expand into the Middle East and open its first overseas store inDubai,[62] but by March 2009 had put such plans on hold.[63]
In 2009, Myer stated it would open stores atWestfield Tuggerah on theNew South WalesCentral Coast,Westfield Woden inCanberra andRobina on theGold Coast, Queensland, with plans for 12 stores in total to open progressively from 2010 to 2013.[61][64] However, it subsequently pulled back on these plans.
In 2010, plans were put on the table and approved for a new subsequently-shelved 10,000sqm 2-level Myer store inCoffs Harbour[citation needed], making it the first department store on theMid North Coast of New South Wales. Had it been built, it would have been northern New South Wales’ own eco-friendly Myer department store beating short-listed favouritesTamworth (which previously had its ownGrace Bros store until June 2003, prompting a strongFacebook campaign and petition to get one back in the first decade of the new millennium) andPort Macquarie as contenders to get a Myer store built and opened and operating in northern NSW. The “Vote Yes to Myer” online petition got 5,000 signatures for the proposed Coffs Harbour development.[citation needed]
In 2012, Myer also proposed a 12,000sqm 2 level full-line department store atCasuarina Square inDarwin, which would’ve been the first of its kind in the city and theNorthern Territory. Due to open in 2016, the store was never built and Darwin remains the only state/territory capital without a Myer (or any other) department store in the country.
In January 2013, Myer closed itsKings Square, Fremantle store.[65] Myer closed itsElizabeth, South Australia store in February 2014 and its store atWestfield Hurstville in January 2015. It opened a store atLakeside Joondalup in November 2014.[66]
Myer places stores into one of four clusters, which reflects the store specific shopper demographics. The cluster determines the merchandise mix, brand assortment, services offered, and capital expenditure. The sales performance expectations are also based on which cluster a store is placed. As of September 2015 the clusters (store numbers) were Flagship (7), Premium (16), Mainstream (27), and Community (17). At the time of the announcement it was stated ca. 20% of footprint rationalisation could occur.[citation needed]
In 2017, Myer announced it would cut 20% of its overall footprint, via a reduction in floor space of its Myer stores, office and close other Myer stores. Since the announcement, Myer has closed its stores inWollongong Central (Replaced byDavid Jones),Brookside Shopping Centre (Replaced byTarget andTK Maxx), andOrange, which was one of Orange's main clothing shops for 60 years.[67] Myer also announced the introduction of Clearance Floors, which was a format initially trialled at MyerFrankston. These floors used yellow signs with a coat hanger to show they were clearance floors, had minimal shelves and displays and were on the top floor of a Myer store. These floors would sell Myer’s unsold stock at a discounted price, essentially one space for all discounted items and a larger stock of discounted items. These floors were available atFrankston andKnox in Victoria,Loganholme andPacific Fair in Queensland,Roselands andPenrith in New South Wales,Westfield Tea Tree Plaza in South Australia andPerth in Western Australia. These eight clearance floors ran from 2017 until 2019, intended to compete with the newly established international discount department storeTK Maxx. Newly appointed CEO John King announced a plan to discontinue the model in 2019, with a stronger focus on its premium offerings.[citation needed]
In September 2017, Myer stated it would close three more stores,Colonnades (Replaced by Cheap as Chips,Best & Less andJB Hi-Fi),Belconnen, andHornsby.[68]
In January 2019, Myer closed its Logan Hyperdome store inLoganholme, Queensland.[69] This has resulted in five closures and two more planned closures in 2019.
On 13 January 2020, the Myer location at Hornsby, Sydney, closed, leaving 60 locations. The final store in the planned closures was Myer at Belconnen, although Myer has decided it shall instead spare the store and refurbish it instead. This concludes Myer’s strategy, resulting in 6 store closures and 60 Myer stores remaining, including Belconnen.
On 4 December 2020, Myer Belconnen reopened to two floors.[citation needed]
In March 2021, Myer announced its store atWestfield Knox, in Melbourne's eastern suburbs would close after 44 years of operation. Myer Knox closed for the last time in late July of that year.[70]
In April 2022, the store atWestpoint Blacktown in Sydney's western suburbs closed after first opening in 1973.[citation needed]
In August 2022, Myer announced its Frankston store in bayside Melbourne would close permanently, with the last day of trading scheduled for 15 January 2023.[citation needed]
On 16 March 2023, Myer announced that, after being unable to reach a commercial agreement with the landlord, it would not be renewing its lease at theBrisbane Queen Street Mall location and seeking a new location in the CBD, thus ceasing 35 years of continuous operation at the site in July 2023.[71]Griffith University emerged as a possible occupant of the site, albeit temporary, as the university required immediate expansion space whilst finding a more permanent CBD location.[72] As of March 2023, the future of the site remains unclear, although the possibility of building demolition and site redevelopment has also been suggested.[73]
Myer operated its own direct mail order company, Myer Direct, from 1989 until its sale toEziBuy[74] in January 2002. In October 2007, Myer launched an online gift store, including electronic goods, perfumes, miss shop clothing and gift cards.[75]
In 2011, Myer launched aHong Kong based online shopping site called myfind.com (since closed) for Australian shoppers.[citation needed]
In December 2017, Myer launched The Myer Market, an online marketplace operating independently of myer.com.au.[76] It offers an extended range of products, some of which are not traditionally available in Myer stores.
