Beating the department stores Myer has revealed plans to save himself, but that does not mean that customers are happy with the impending changes.
Myer's new boss, John King, has quickly criticized the failures of the 118-year-old retail giant that suffered a record annual loss of $ 486 million in 2017-18.
Mr King has announced a back-to-basics strategy to help save department stores from declining sales, the Telegraph reported Saturday.
Beating department store Myer has revealed plans to save itself after giant retail giant retail giant suffered a record annual loss of $ 486 million in 2017-18
The former head of House of Fraser admitted that the company lost sight of its main client and needs to focus on premium products at affordable prices in the middle market.
"We're not going to the high-end, we're not going to the lower end, we're just in the middle." We are a company for all Australians, "King said.
But the strategy of dedicating an entire level to the discounts is first to be eliminated, since King believes that they are a shame and resemble the "Salvation Army".
He has promised a renewed and easier-to-use website, which will be launched this month, to continue driving online sales.
Despite the terrible decline in store sales, the retailer had a much better online performance, undoubtedly the impetus for the renewed website.
In the last year, online sales increased 34.1 percent to $ 192.5 million, and total online sales now represent 7.7 percent of total retailer sales, The Australian reported.
Myer's new boss, John King (pictured left, with Myer's president, Garry Hounsell in the photo, on the right) has announced a back-to-basics strategy to help save department stores of dwindling sales
The company also plans to introduce more Myer private label stock to dominate its clothing shelves.
Other strategies include reducing Myer's stores from three floors to two and reducing costs in the administration ranges.
Myer's face, Jennifer Hawkins, was one of the first to face the cutting board, reducing her costly $ 1.3 million per year.
Ms. Hawkins, who has worked with the company for twelve years, announced her retirement from Myer in August.
Myer's face, Jennifer Hawkins (pictured), was one of the first to face the cutting board, reducing her costly $ 1.3 million per year
Hawkins has been replaced by Elyse Knowles, 25 years old (pictured), which is understood to have been registered for $ 150,000
She has been replaced by Elyse Knowles, 25, who is understood to have registered for $ 150,000.
The company also retired the traditional and traditional Melbourne Cup Myer Marquee at the spring racing carnival.
Mr. King did not attend the Katy Perry concerts sponsored by Myer, which probably indicates his disapproval of the considerable expense.
Mr. King was taken aboard by Myer in June to help rectify the financial damages, reducing costs whenever he can.