Who Owns Myer

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Department stores and many retail stores came up high on the firmament to provide the customers with a rich buying experience, where the buyers have had amazing shopping treat as they kept themselves busy buying housewares, or clothes and everything else that was just required.  It was basically the kind of experience that brought together a unique kind of shopping experience that was overwhelmed by smelling, viewing, touching and also hearing. Stores like Myer and Amazon have continued to play a role in changing the mind and user behavior when it comes to departmental and retail shopping.   These stores and many others like them are offering generous shipping and return policies that have further added the trust value to people.  

The “Department Store and Retail Store “shopping experience is essentially hooked on the idea that products and their selection can be easily made online through variety of means and quickly. It is the zero moment of truth that works in this kind of shopping. But there is another angle to the story as well. In the recent years as many such stores with same or similar concepts have paved the internet marketplace, competition has become much more intense than earlier. 

The successful business venture of Myer store started in year of 1900, when the two siblings named Sidney Myer and Elcon Myer opened their first ever store in Bendigo. It is the first point of success for the Myer family. In less than a decade, the partner ship between two brothers led to opening of another retail outlet in Bendigo.  

 Subsequently, Myer Emporium came into existence soon after Sidney Myer bought the properties in Bourke Street of Melbourne. It was indeed a lofty rise, showcasing the vertical rise of Myer. The year 1915 saw opening of first Myer factory. The economic growth of Myer continued unabated even during the times of Great Depression. Myer Family became popular face, known for the generous and selfless acts. 

 Off late Myer established itself as continuously growing and developing upmarket Australian department store chain, which is trading all over the Australian states including one of the significant most Australia’s two self-governing territories. The retail stores from Myer lists an exclusive range of products, trending over the women’s, men’s, babies and children’s dresses, apart from the footwear as well as the exclusive accessories; cosmetics and fragrance. Myer is also the home to homewares; electrical products of all kinds; computers; wide range of furniture items; flooring; bedding; toys; video games; GPS navigation systems; state of the art car audio systems; books and stationery; food and confectionery; besides the travel goods. 

Jennifer Hawkins who happens to be Australian Model and Miss Universe in 2004, was the ambassador of retail brand for almost 12 years before taken over by the Elyse Knowles and Josh Gibson. In the year 2019, Myer has booked popular actress of Australia named Asher Keddie as the brand’s ‘Style Ambassador’ whereas, the title of ‘Youth Ambassador’ is held by Sarsha Chisholm. Rachael Finch and Kris Smith are the “Fashion Ambassadors” of the Myer.  

Coles Myer on 17th August, 2005 made a decision to demerge and divest the retail brand, and consequently, he went ahead to sell off the Myer to the US based private equity group – Newbridge Capital, that was integrated to Texas Pacific Group. This selling eventually reduced the stake of Myer family to nothing less than 5%. 

The New Bridge Capital subsequently took over the Bourke Street Store, and simultaneously clarifying that there will not be any big or fundamental changes in business. Besides the new owners also made clear that they had no intention of redeveloping the Bourke Street site at least anytime soon. 

Later on, the New Bridge Capital in consultation with Myer family selected Bill Wavish as the chairman, and Bernie Brookes as the Chief Executive, and both of them were from the Woolworths. In the process, Rupert Myer was added to the board as the representative form the Myer family.  There was also a shifting of head office from the Hawthorn East to Lonsdale House located in the Lonsdale St. Store) situated in the strategic Melbourne’s CBD. 

At the start of the July 2006, Myer made an everlasting sales, or what is also known as “ History Making Clearance”  and that is where the company cleared its excess stocks that were either non popular or had no profit motive. The inventories were then reduced from $1.5 billion to $750 million, and all store-specific warehouses were closed.

And finally, who owns Myer- is still a big question to be seen in times to come. 

Myer’s revenue turnaround was toughened in April 2007 after Bob Boutin, the key apparel director, Mark Bingemann, women’s wear business manager and Jasmine Bingemann, footwear and accessories manager issued their resignation within a short span of time. This was indeed as result of dissatisfaction earned from management. 

Myer in its latest format is engaged in collaborating with different types of leading brands and increasingly becoming the part of several events, as the result delivering the memorable experiences. The retail departmental company had been an upstage and strong history in community support as well as the engagement.  The company despite the fact that who owns Myer, is continuing to carry forward its long and everlasting traditions. Myer is developing a meaningful partnership with other brands with the aim to project a positive image and create chain of online and offline stores that create value in lives of the people. 

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Ben Smith

RetailWire is trusted source for retail news in Australia. Get retail news, exclusive retail related business and marketing tips at RetailWire.

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RetailWire is trusted source for retail news in Australia. Get retail news, exclusive retail related business and marketing tips at RetailWire.

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