Myer Holdings Provides Strategy Update

Myer Holdings Limited (MYR) today set out the progress made on the New Myer strategy and the areas of new emphasis for FY2018 and beyond, in light of an increasingly competitive environment, and rapidly changing customer behaviour.

Myer Chief Executive Officer and Managing Director Richard Umbers said: “Two years into a five year journey, we are proud of our achievements to date although we recognise that we still have more work to do. The Board and management team have always been convinced of the need for change and are committed to the New Myer transformation agenda, despite tough trading conditions.

“New Myer will evolve to ensure Myer’s relevance in a highly competitive and rapidly changing retail environment. Customers are increasingly shopping online, and traffic to shopping centres and physical stores is declining.

“Today we signalled a heightened focus on the growth of our very successful omni-channel business as well as experiential retail to create inspiring destinations. We also highlighted the importance of our MYER one program and the increasing use of customer data to personalise our offer, both in terms of range and services in store, and through marketing activity.

“All of Myer’s metrics in digital and online are moving strongly in the right direction. Sales, profitability, click and collect take up, website traffic and conversion are all increasing. Cost of fulfillment, and fulfillment times are falling. Building on the strength of this business is a key focus going forward,” Mr Umbers said.

Myer today also confirmed an acceleration of the rollout of new retail concepts across its store network including six new food partners, five upgraded food offers and 12 locations for new beauty and grooming services.

The focus on costs, efficiency and driving productivity are unabated. The Myer clearance format represents a viable alternative use of space that is generating a positive customer reaction and the early financial results around traffic, sales and margin are encouraging.

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