Department stores are suffering more than most in the retail downturn and Myer have announced that they will be closing a number of under-performing stores (most seem to be in NSW), downsizing others, and reducing the terms of their leases to become more flexible.
A Myer spokeswoman said - ''Where a lease is coming up for renewal we will look to sign for a shorter duration and the store will potentially be downsized as we build up our online business,''
''Myer has embraced the internet as a friend and our goal is to give customers a choice. That could see department stores evolve into a place to pick up items bought online, or where consumers can browse, try on items before buying online or even a place where goods can be exchanged.
''It's not an either-or strategy. We expect the internet to grow significantly and we are focused on putting in all the right infrastructure. This includes our ongoing strategy of rationalising stores and offerings.''
(See our separate post concerning consumer responses to the Myer announcement.)