Myer may be planning to close stores
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Australian retail giant Myer could close seven stores to help reignite sales growth, analysts say.
The department store chain has a number of underperforming stores that could be closed to simplify the business and improve its financial performance, Citigroup analysts said.
Myer has 67 stores across Australia, mostly in capital cities, but also in regional centres including Bendigo, Ballarat, Dubbo, Orange, Wagga and Mackay. Sales could also be boosted by lifting staff numbers and spending more on marketing, the Citi analysts said.
Questions & Answers
Q.Which specific stores are being considered for closure?
Which specific stores are being considered for closure?
The article states that Myer could close seven stores in total, but it does not specify which particular locations are under review for potential closure or identify them by name.
Q.What other strategies are analysts suggesting to improve Myer's sales performance?
What other strategies are analysts suggesting to improve Myer's sales performance?
Beyond store closures, analysts have also suggested that Myer could boost sales by increasing staff numbers and allocating more funds towards its marketing activities, according to the Citi analysts.
Q.How many stores does Myer currently operate across Australia?
How many stores does Myer currently operate across Australia?
Myer currently operates a total of 67 stores across Australia. These locations are primarily situated in capital cities, with some also found in various regional centres.