New Myer: the “right strategy”.
At its annual general meeting today, Myer announced that total sales were up 0.6% to $719.2 million in the first quarter of FY17. On a comparable stores sales basis, sales were up 1.6%, although comparable store sales in flagship and premium stores increased by 2.8%.
The results follow the opening of Myer Warringah on Thursday after a nine month multi-million dollar store redevelopment in the heart of Sydney’s northern beaches. It is a key part of the $310 million Westfield investment, which sees almost 11 million customers each year.
Myer chairman, Paul McClintock (pictured) described it as “one of the most encouraging days” in the short history of New Myer.
“To see the doors at Warringah throw open yesterday – it was very much like seeing our strategy open before our eyes. It is a magnificent store that represents every aspect of our New Myer strategy brought to life, but more importantly, it is the result of so much hard work. Our excitement is because we see profound change taking place in every area of this business and Warringah is the most powerful manifestation of so much more than one store,” McClintock said.
“Whilst our first year demonstrates some of the complexity in what we are trying to achieve, it is clear to the Board that we have the right strategy. There is momentum building, but it is very early days and there is a long way to go,” he added.
The new store has a 14,000 square metre footprint, 170 brands, 60 new to Myer Warringah, as well as 165 team members and 40,000 local Myer one members in the store catchment.
Jennifer Hawkins, Richard Umbers and Alexis Pead
“This is a store tailored to our customers and designed to reflect a relaxed and stylish northern beaches lifestyle. We have taken full advantage of the refurbishment opportunity to completely redesign the store,” Myer CEO and managing director, Richard Umbers said.
“We have reinvigorated the range and brands, significantly enhanced the customer service, and brought in new innovation to create a world-class experience that sets a new benchmark in contemporary retailing.
“With Christmas just around the corner, we have packed Myer Warringah with hundreds of wanted brands and fabulous gift ideas backed up by a highly trained local team which has been specially recruited to bring personalised service to a new level.”
Myer Warringah store manager, Alexis Pead, said team members were thrilled to welcome customers to the new store.
“Customer service and localisation is at the heart of New Myer, and we have recruited 165 new team members including change room consultants and an internationally experienced personal shopper. More than 90% of team members live locally and will help bring the store closer to our local community,” Pead said.
“In keeping with our local theme, we are also announcing our partnership with the Manly Surf Life Saving Club and their members, further strengthening our community ties. In addition, Myer Warringah will serve as a showcase for the work of local students, through regular artwork exhibitions curated in collaboration with the Northern Beaches TAFE,” she added.