News & Discussion: CBD Retail

[AG]

The issue in the Brisbane Myer Centre came down to discussions which involved moving Myer out of its current location and into a smaller relocated downsized store (with less foot traffic) within the same complex, which they did not want to agree to. Pushing Myer out was part of the strategy by the joint landlords of that property as an excuse for redevelopment.

I don't think it's the end for Myer in the centre of Brisbane though. They indicated that they are simply giving up the lease and that they were looking for a new location (suspects point to Queens Wharf retail precinct as a possible location).

[Ben]

Ted Baker is done?

That’s a shame. Why can’t decent retailers sustain themselves in Adelaide? Our retail offering is dire

All Ted Baker standalone stores in Australia have closed with the exception of the Sydney Flagship. They only have concession in stores stores now.

[Mpol02]

Yeah that’s a real shame but I feel their offering isn’t special as far as product goes. Hope they can bounce back.

[Allkai]

https://www.adelaidenow.com.au/business ... hare-tools

[AG]

Looks like Myer is looking for an excuse to move out of the Myer Centre rather than genuinely wanting to resolve the issue with Starhill Global.

[Saltwater]

Who can blame them? The Myer centre is awful with its empty upper floors, horrid escalator design and downtrodden food court. It's in desperate need of a major revamp to bring tenants and shoppers back and my feeling is the owners need Myer as an anchor tenant more than Myer needs to be in the Myer Centre.

[Ben]

There's not many suitable CBD sites with Mall frontage. Maybe City Cross but its already undergoing a redevelopment Or the woolworths site potentially in conjunction with the commercial and general development behind.

[Eurostar]

Maybe bring back an amusement park on the top floors , it'll get foot traffic up to top levels

[Patrick_27]

I suspect that this recent wave of controversy from Myer over its Brisbane (and now Adelaide) stores has come from their need/desire to release themselves from a long-term leases and subsequently downsize (is it not Myer who are planning on freeing themselves up of a floor at one of the Adelaide Westfields?). Someone mentioned it above, but my money is on them ending up in the old Harris Scarf space, without a cosmetics section (they’ve gradually been downsizing their cosmetics offering in recent years compared to say, David Jones). Any such move without a ground floor footprint would be suicide for their city presence.

[Ben]

I suspect that this recent wave of controversy from Myer over its Brisbane (and now Adelaide) stores has come from their need/desire to release themselves from a long-term leases and subsequently downsize (is it not Myer who are planning on freeing themselves up of a floor at one of the Adelaide Westfields?). Someone mentioned it above, but my money is on them ending up in the old Harris Scarf space, without a cosmetics section (they’ve gradually been downsizing their cosmetics offering in recent years compared to say, David Jones). Any such move without a ground floor footprint would be suicide for their city presence.

The old Harris scarfe has already been leased and is currently being fitted out for mini golf, escape rooms and bowling.

[Ho Really]

Was going to post this link yesterday morning (24th) but got busy all day. My wife sent me this from work, she works at Myer.

https://www.theedgesingapore.com/news/r ... e-adelaide

Doubt very much Myer will leave as there is no where else to go and it would be too much of a hassle trying to pack in all departments into smaller floor space. As the article says arbitration may take up to 12 months or more to resolve. It's going to be a very tough time regardless with inflation at high levels and very few incentives for any new shops opening. The landlord and Myer need to resolve this as soon as possible for the benefit of both.

Cheers

[abc]

Myer is not only an anchor tenant for the Myer Centre, but also an anchor tenant for Rundle Mall. If they move out of the Rundle Mall its the beginning of the end of the shopping strip.

"nowhere else to go" is not a reason for not leaving. If they move out of the centre they will be exiting the locale entirely.

Make no mistake this is a company policy to downsize its brick and mortar store operations. They have exited Brisbane CBD, this is related.

[Goodsy]

Myer is not only an anchor tenant for the Myer Centre, but also an anchor tenant for Rundle Mall. If they move out of the Rundle Mall its the beginning of the end of the shopping strip.

No it isn't.. Nobody would notice is Myer closed down in Rundle Mall

[abc]

Myer is not only an anchor tenant for the Myer Centre, but also an anchor tenant for Rundle Mall. If they move out of the Rundle Mall its the beginning of the end of the shopping strip.

No it isn't.. Nobody would notice is Myer closed down in Rundle Mall

remind me how shopping malls do when they lose their anchor tenant

[SBD]

Myer is not only an anchor tenant for the Myer Centre, but also an anchor tenant for Rundle Mall. If they move out of the Rundle Mall its the beginning of the end of the shopping strip.

No it isn't.. Nobody would notice is Myer closed down in Rundle Mall

remind me how shopping malls do when they lose their anchor tenant

How many people still "go to the city" to "hit the department stores"? I'm not so sure it's about anchor tenants. I suspect that department stores have been on the way out for several decades.

• Moore's 1916-1979?
• Foy&Gibson / Cox-Foys, 1907-1977
• John Martin's 1866-1998
• Charles Birks & Co, 1864-1954
• David Jones (1954 in Adelaide? after taking over Birks) - still operating
• Myer took a controlling interest in Marshall's in 1928, and completed the takeover in 1966 - still operating
• Harris Scarfe 1854 - still operating, downsized, after several changes of ownership
• ...and many other local department stores and national discount chains (Big W, Target, K-Mart etc)

Online shopping wins for generic goods that don't need personal service. Department stores no longer have the service reputation or culture over speciality shops focused purely on the kind of thing you want.