On March 16, 2015, Australian Associated Press released an article titled “Soft results expected from Myer”. With half-yearly data released today, the ‘soft’ performance has been attributed to “a lack of relevance with customers” and increased costs linked to refurbishments and other investments.
This article originally appeared in Inside Retail on 21 November 2014.
You can easily spot a catastrophe, but gradual decline can go on for years unnoticed. This is the reality for the Australian retail industry, slowly suffocating under the burden of ever-increasing labour costs, onerous workplace regulations and tax and duty free direct imports. Yet, no one seems to care.