According to Bernie Brookes, Myer chief executive officer, the refurbishment program for its retail stores is nearing completion. Brookes said that an expansion plan for 15 new stores is also in development.
“Over the last 3.5 years we have invested some $50 million in building a flexible, efficient and sustainable platform to support the business in its growth phase. As the turnaround phase is nearing completion we are well positioned with a strong balance sheet, to drive line growth,” he said.
Brookes said that this refurbishment strategy is intended to help strengthen the Myer brand message.
“Our store refurbishment strategy is an investment in the future growth and performance of Myer. The program aims to optimise selling space in stores and at the same time reinforce the Myer brand proposition through innovative design and layout,” he said.
Brookes said that the company’s store expansion plans are well on track.
“Our store expansion program will see 15 new full-sized stores opened by 2014, with two new stores in Top Ryde and Robina due to open on schedule in July 2010 and October 2010 respectively,” he said.
Stores in Mackay and Watergardens are planned for FY 2011, while Townsville and Shell Harbour will see new developments in FY 2012. FY 2013 is gearing up to be a busy year for store creation with plans underway for stores in Mt Gravatt, Greenhills, Plenty Valley, Coomera, Woden and Tuggerah.
Myer is also currently in the process of relocating its support office to a new building at 800 Collins Street in Melbourne’s Docklands. Brookes said that this move is running on schedule and should be completed in March or April 2010. A total of 900 staff will move over to this new office.