Business
COVID shutdowns: Myer has a big city problem – The Australian Financial Review
Myer’s CBD stores account for 30 per cent of earnings. Restrictions on tourism and remote working are likely to weigh on the group for some time to come.
Myers online sales remain relatively strong (albeit the pace of growth slowed from 85 per cent to 71 per cent in the half, a surprise given the switch to e-commerce seen at most retailers) and suburban stores are doing OK; excluding Myers six CBD stores, comparable store sales were up 6.3 per cent in the December half.
But King faces the same question state and local governments around the country must deal with: How do we get our big cities firing again?
Myer stock fell more than 10 per cent on…
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