Myer will shut its division retailer in Brisbane’s Queen Street Mall after greater than three a long time in its flagship Queensland premises.
The retail big says it is going to vacate its five-floor retailer in The Myer Centre days after posting a half-yearly 24 per cent bounce in first-year gross sales.
The retailer has been the centrepiece of Myer’s holdings within the Sunshine State because it first opened as Australia’s second-largest division retailer in 1988 in time for town to host World Expo 88.
But after 35 years of operation, Myer chief govt John King says it will not renew the lease on the CBD property after talks broke down with landlords.
“Whilst we remain committed to the Brisbane market, we have been unable to negotiate a reasonable commercial outcome with the landlord and as such will continue to look for an alternative CBD location,” he mentioned in a press release on Thursday.
“We thank our team members for their service and will be providing redeployment opportunities at nearby stores.”
Myer nonetheless has shops in Brisbane at Indooroopilly, Chermside, Carindale and Upper Mount Gravatt.
Losing its namesake tenant may result in the landlords renaming the buying centre, which has about 180 smaller shops.
Despite the blow to the Queen Street Mall buying precinct, Mr King harassed Myer was on the lookout for a brand new residence in central Brisbane.
“For our loyal customers, we will continue to serve the Brisbane area with our surrounding stores and our 24/7 online business while we explore future Brisbane CBD options,” he mentioned.
The Myer group, which retails style, cosmetics, homewares and electricals, doubled its web revenue to $65 million on the again of $1.9 billion in gross sales – a 24 per cent improve – within the six months to January 28.
Source: www.perthnow.com.au
