MYER is spending a fortune on a huge store in the suburbs. The department store — which just a few years ago seemed headed for the grave — might yet survive.
Myer is radically expanding one of its stores in the Melbourne suburb of Werribee, a working class area 29km south west of the city centre. The struggling department store chain is betting big on its new strategy — fancy stores stocking desirable brands. And it seems to be working.
Myer’s share price is up more than 50 per cent from its 2015 low point. Sales have gone up and for the first time in years, it has reason to believe it can survive.