Myer

Myer
Company type	Public company (since 2009)
Industry	Retail (department stores)
Founded	January 1, 1900; 126 years ago in Bendigo, Australia
Founder	Sidney Myer, Elcon Myer
Headquarters	Melbourne, Australia
Area served	Australia
Key people	Bill Wavish (chairman), Bernie Brookes (former CEO)
Products	Apparel, footwear, fashion accessories, beauty products, home furnishings, electronics, furniture, toys, books, stationery, groceries, sweets, travel essentials
Owner	Myer family and consortium (since 2006)
Website	myer.com.au

Myer (displayed as MYER) is a prominent Australian department store chain catering to mid-range and upscale markets, with outlets throughout every Australian state and one self-governing territory. Its extensive product selection includes apparel for women, men, and children, footwear, fashion accessories, beauty products, home furnishings, electronics, furniture, toys, books, stationery, groceries, sweets, and travel essentials.

The primary competitor of Myer in the department store sector is David Jones. Additionally, the Myer Group owns several fashion labels such as Sass & Bide, Marcs, David Lawrence, Just Jeans, Jay Jays, Jacqui E, Portmans, and Dotti.

Australian model and former Miss Universe 2004, Jennifer Hawkins, was the prominent 'face of Myer' for a period spanning twelve years until 2018.

Early history

The origins of the Myer retail empire trace back to Sidney Myer, who emigrated from Belarus to Melbourne in 1899. Despite limited financial resources and English proficiency, he joined forces with his older brother Elcon Myer. Their inaugural Myer store opened in Bendigo in 1900, followed by a second location in 1908.

In 1911, Myer acquired Wright and Neil, a drapery business situated on Bourke Street, Melbourne, near the General Post Office. This led to the opening of a new building in 1914. From this foundation, Myer grew into Australia's largest department store chain with outlets across all states.

The company acquired the Doveton woollen mills in Ballarat in 1918 and constructed an additional building facing Post Office Place in Melbourne by 1921. Over time, adjacent properties were secured to form what became known as the Myer Emporium. The original 1914 structure and its subsequent expansions over twenty years were designed by architects HW & FB Tompkins. Expansion efforts extended into Lonsdale Street during the 1920s and involved redeveloping the Bourke Street frontage in 1933.

Myer's growth strategy included purchasing established firms such as Robertson & Moffat and Stephens & Sons. In South Australia, Myer SA Stores Ltd acquired control of Marshall's department store in Adelaide in 1925; this was fully absorbed by Myer Emporium Ltd in 1966. To support home delivery services through its proprietary credit system, a Carlton Despatch warehouse was built in 1928. Other acquisitions involved Collins Street businesses T. Webb and Sons and W. H. Rocke and Company, which were incorporated into the Bourke Street location. By 1934, the company’s paid-up capital approached £2.5 million.

After Sidney Myer's passing in 1934, leadership briefly transferred to Lee Neil, then to Elcon Myer. Following Elcon's death in 1938, their nephew Norman Myer assumed control until his death in 1956.

Myer's expansion combined developing owned stores—establishing itself as a significant property holder—and acquiring major regional department stores: Adelaide’s Marshall's and Bell's (serving various South Australian communities), Western Australia's Boans (1984), Queensland’s Barry & Roberts along with Brisbane's McWhirters (1955), Allan & Stark (1959), Victoria’s Paterson Powell Pty Ltd (1953), Bilson's (Colac) and Shilliday's (Mildura), plus New South Wales’ Western Stores, McLean's Central Stores (Lismore), Morley's (Tweed Heads), Farmers & Co (1961), Mortimer's (Gosford) (1968), P.G.Smith & Regans (Tamworth) (1953), and Grace Bros (1983).

Target and Grace Bros

In 1968, Myer took over Lindsay's stores located in Geelong, rebranding them as Target and establishing the chain as a discount department store.

The company further broadened its portfolio by acquiring liquor outlets such as San Remo and Crittendens, along with fast food chains including Red Rooster.

In 1983, Grace Bros purchased Myer’s operations in New South Wales, and later that July, Myer acquired Grace Bros Holdings Ltd. The Myer stores on Market and Pitt Street were converted into the primary Grace Bros location.

The following year, in 1984, Myer expanded its presence by buying Boans, the leading department store chain in Western Australia, and subsequently renovated its flagship Perth City Store.

Merger with GJ Coles

In 1985, the Myer Emporium, which included Target, merged with GJ Coles & Coy to create Coles Myer, becoming the largest retail group in Australia. Despite the merger, Myer continued to operate as an independent brand until its eventual sale in 2006.

By 2000, CEO Dennis Eck directed both Myer and Grace Bros towards a more budget-friendly market segment aiming to attract younger shoppers. This involved lowering service standards and increasing inventory volumes. Although this approach aligned with Target’s strategy, it resulted in fewer customer visits and decreased sales per transaction. In response, Coles Myer began efforts in 2001 to reposition these stores to recapture lost clientele.

In 2003, Managing Director Dawn Robertson implemented a grid classification system for each Myer Grace Bros store based on factors such as socio-economic demographics, sales turnover, and growth prospects. This enabled merchandise assortments to be customized for each location’s market rather than offering a uniform product range across all stores.

On 13 February 2004, all Grace Bros stores were rebranded under the Myer name.

In April 2004, Myer reopened its Bondi Junction outlet, replacing the former Grace Bros site that had closed in 2002 for Westfield redevelopment. This was notable as Myer's first new store launch in several years and featured contemporary design elements including white glossy tiles and extensive use of glass.

Under Dawn Robertson’s leadership, Myer intensified competition with rival David Jones within Sydney’s market, focusing particularly on women’s fashion. In 2004, Myer strategically scheduled fashion shows ahead of David Jones events, highlighted by a major open-air presentation in Martin Place that attracted considerable attention.

Divestment by Coles Myer

On 17 August 2005, Coles Myer announced plans to decide within a year whether to separate, sell off, or retain ownership of Myer. The company received thirteen expressions of interest concerning all or parts of the business.

On 13 March 2006, Coles Myer confirmed the sale of Myer to a consortium led by US private equity firm Newbridge Capital. The group included the Myer family holding a 5% stake. The consortium also purchased the freehold of the flagship Bourke Street store and intended no immediate significant changes to maintain profitability. The A$1.4 billion transaction was finalized on 2 June 2006 with participation from Texas Pacific, associated with UK retailer Debenhams and US retailer Neiman Marcus.

Private ownership

Following its separation from Coles Myer (which later became Coles Group before acquisition by Wesfarmers), Newbridge Capital and the Myer family appointed Bill Wavish as chairman and Bernie Brookes as CEO; both executives had prior experience at Woolworths. Rupert Myer joined the board representing family interests. The company relocated its headquarters from Hawthorn East back to Lonsdale House in Melbourne’s central business district.

Beginning July 2006, Myer initiated a "History Making Clearance" campaign aimed at reducing excess stock from $1.5 billion down to $750 million while closing all warehouses dedicated to individual stores.

In January 2007, former Miss Universe Jennifer Hawkins became a high-profile ambassador for Myer through a $4 million contract spanning four years.

Myer withdrew from the Flybuys rewards program partially owned by Coles Group on 1 February 2007.

For the half-year ending March 2007, Myer reported earnings before interest and tax (EBIT) of $123 million—an increase of 84% compared to the previous year—with profit margins improving from 3.9% to 6.8%. Chairman Wavish noted that all stores were profitable and showing progress. During this period, the company acquired four Harris Scarfe outlets and took a minority ownership position in Harris Scarfe itself.

In April 2007, the company launched the $99 million Mymerch system developed alongside IBM and Oracle. This platform enhanced data analytics capabilities for improved sales forecasting and targeted marketing promotions.

Despite these advancements, April also saw key fashion executives resigning due to dissatisfaction within management ranks alongside some designers defecting to competitor David Jones.

In June 2007, a consortium comprising the Myer family, Colonial First State, and Singapore’s GIC Real Estate acquired ownership of the Melbourne CBD Bourke Street store. Plans were made for redevelopment expected by 2009 but completed only in March 2011; meanwhile, the Lonsdale Street section closed in 2009.

Public company

Myer revealed its initial public offering in September 2009, setting an indicative share price range between $3.90 and $4.90, which valued the business from $2.3 billion to $2.8 billion. The final share price settled at $4.10, but by August 2011, the stock had declined to $2.09.

In 2010, the retailer unveiled its revamped flagship store located in Bourke Street mall and moved its headquarters to Docklands, leading to the closure of the historic Lonsdale Street location.

Early in 2011, Myer purchased a 65% ownership interest in the Australian women's fashion brand Sass & Bide for A$42.25 million, later acquiring the remaining 35% stake in October 2013 for $30 million.

Myer proposed a $3 billion merger with competitor David Jones in January 2014, intending to integrate back-office and supply chain functions to achieve estimated annual savings of $5 billion. However, David Jones’ board declined the offer in November 2013. Myer renewed its bid at market valuation (approximately $1.7 billion) in February 2014 but ultimately retracted it after a competing bid from Woolworths South Africa emerged.

Bernie Brookes, the long-serving CEO known for emphasizing operational efficiency, stepped down in March 2015. Subsequently, a strategic review led to a capital raise of $221 million in September; nevertheless, shareholder dilution and limited support contributed to the share price dropping to $0.91.

In April 2017, Myer acquired fashion labels Marcs and David Lawrence following their entry into voluntary administration.

On 27 March 2020, amid the COVID-19 pandemic, Myer temporarily shut all physical stores and stood down over 10,000 employees but continued online sales with contactless delivery and click & collect options. Store reopenings were scheduled by 30 May 2020.

By late October 2024, Myer agreed to purchase Premier Investments’ Apparel Brands division—including Just Jeans, Jay Jays, Jacqui E, Portmans, and Dotti—in a transaction valued at $950 million. This involved issuing new shares worth $863.78 million to Premier Investments alongside an $82 million capital injection from Premier. Solomon Lew joined Myer's board as a non-executive director. The acquisition was finalized in January 2025 after receiving shareholder approval.

MYER one rewards program

Launched in August 2004 following the discontinuation of Coles Myer’s shareholder discount card, the MYER one program offers a tiered rewards structure with four levels: Standard, Silver, Gold, and Platinum. The Platinum tier—introduced in May 2013—is available by invitation only to top spenders.

By September 2010, MYER one boasted 3.7 million members holding five million cards; among them were over 20,000 Gold members who spent more than $7,500 annually. Sales generated by members represented 68% of Myer’s total revenue, with gift card rewards totaling $51 million distributed in the previous year. As of February 2024, membership has grown beyond 7 million.

Myer store card and branded credit cards

Originally managed by Australian Retail Financial Network, Myer’s store card was sold to GE Money in 1995 and evolved into the Coles Myer Card along with associated gift cards usable across Coles Myer outlets, supported by the Coles Myer Source Mastercard.

In October 2006, Myer reintroduced its store card through GE Money; within ten months (by August 2007), it had amassed 125,000 accounts. A Visa credit card was launched jointly with GE Money in November 2007 to enhance customer loyalty despite early financial losses. The goal was to reach 100,000 Visa cardholders by November 2008; during the first five weeks post-launch, approximately 15,000 customers signed up.

In 2007, financial products under Coles Myer were rebranded under the Coles Group umbrella, severing direct ties with Myer branding.

Myer's collaboration with GE Money (later Latitude Financial Services) concluded in 2017 when it relaunched its store-branded credit offering as the New Myer Credit Card via Macquarie Group. Existing customers were given options to either transfer to this new program or switch to Latitude Finance cards without Myer points.

Store locations

As of April 2024, Myer maintains a network of 56 stores throughout Australia, situated in both major metropolitan areas and regional hubs. The flagship outlet located on Melbourne's Bourke Street Mall was extensively refurbished with an investment of $300 million, reopening its doors in April 2011.

Notable historic locations include the 1988 Myer Centre in Brisbane's Queen Street Mall, which originally featured an indoor amusement park before being transformed into a cinema complex. The Adelaide Myer Centre, launched in 1991, was home to the largest Myer store in South Australia along with more than 80 other retailers. In 1994, the company inaugurated a store at Perth's Galleria Shopping Centre, taking over from the former Boans department store.

Myer's growth continued through acquiring former Harris Scarfe outlets in South Australia and Victoria during 2006, and by opening new stores in Sydney at Westfield Eastgardens and Bankstown Central in 2008, replacing previous David Jones locations. The opening of a Townsville store was delayed but eventually occurred in late 2012. Chairman Bill Wavish expressed openness to establishing new stores in towns with populations exceeding 40,000 residents.

After a devastating $50 million fire in September 2007 destroyed the Hobart Liverpool Street building, Myer rebuilt and launched a new five-level store there in November 2015. The retailer also opened a store at the redeveloped Top Ryde City shopping centre in Sydney in 2010; however, this location was closed by July 2015.

In Queensland, announcements between 2010 and 2013 included plans for new stores at Westfield Mt Gravatt, Robina Town Centre, Mackay, and East Maitland. Some of these projects faced delays or were ultimately abandoned. Additionally, plans announced in 2008 to expand into Dubai were put on hold by the following year.

Between 2009 and 2013, Myer intended to open multiple new outlets across New South Wales and Canberra but later reduced these expansion efforts. Proposed stores for Coffs Harbour (NSW) and Darwin (NT) never materialized, resulting in Darwin lacking a Myer presence.

Store closures over recent years have included Kings Square Fremantle (2013), Elizabeth SA (2014), Westfield Hurstville (2015), Wollongong Central, Brookside Shopping Centre, Orange NSW (all by 2016), Logan Hyperdome (2019), Hornsby Sydney (2020), Westfield Knox Melbourne (2021), Westpoint Blacktown Sydney (2022), and Frankston Melbourne (2023).

Myer categorizes its outlets into four segments: Flagship, Premium, Mainstream, and Community. Each category is distinctively managed with tailored merchandise selections, brand portfolios, service offerings, capital investments, and sales targets. As of September 2015, seven stores were classified as Flagship locations.

Adapting to evolving retail trends, Myer revealed a strategy in 2017 aimed at reducing its physical presence by about 20%, which included closing several stores and launching Clearance Floors dedicated to selling discounted inventory. These clearance stores operated between 2017 and 2019 before being phased out as CEO John King shifted focus back to premium retailing.

Additional closures involved Colonnades Shopping Centre and Belconnen Canberra—the latter initially slated for shutdown but later refurbished—and Westfield Hornsby. The Belconnen outlet reopened on two levels in December 2020.

In March 2023, Myer declared it would exit its Brisbane Queen Street Mall location after unsuccessful lease negotiations, concluding more than thirty years of operations there. The future use of this site remains undecided, with possibilities including redevelopment or temporary occupancy by Griffith University under review.

Mail order and e-commerce

Myer managed its direct mail order service, Myer Direct, from 1989 until it was sold to EziBuy in January 2002. In October 2007, the company introduced an online gift shop that included electronics, fragrances, Miss Shop apparel, and gift vouchers.

In 2011, Myer launched myfind.com, a Hong Kong-based e-commerce platform aimed at Australian consumers (now discontinued).

December 2017 saw the debut of The Myer Market, an autonomous online marketplace providing a broader selection of products beyond those found in traditional Myer outlets.

External links