Why some of Australia’s most iconic stores are in trouble | The Business | ABC NEWS
Myer has recorded its second worst annual results in almost 126 years. Attempts to lure shoppers with discounts were not enough to offset the pullback in consumer spending. Myer dived to a loss of $276.5 million for the year to July 25, pulled down by impairments and other one-off costs of $319 million including writing down the value of some stores and brands.
But it’s not all bad news according to Retail Doctor boss Brian Walker, with Myer’s biggest shareholder, fashion heavyweight Solomon Lew, set to join the board.
Executive chair Olivia Wirth told shareholders that brands like Topshop and Gap were attracting young people to the business, bolstering hopes that the retailer can turn its fortunes around.
It follows department store icon David Jones posting its annual results six months late, which revealed a loss of $62.3 million.
And iconic women’s label Cue and sister brand Veronika Maine recently collapsed into administration.
Australia Retail Council chief executive Chris Rodwell has warned that economic circumstances such as cost of living, looming interest rate hikes and the rise of offshore cheaper alternatives has created the perfect storm, while CreditorWatch chief economist Ivan Colhoun says insolvencies in the retail space have doubled in the last 12 months.
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