I went to the Myers Joondalup store in Perth, Joondalup is our biggest shopping centre here in Perth
I went on Friday last week and Wednesday this week. Both days were dead, half the pay stations were not manned, ones that were had no customers in que.
Myers can’t compete today, everything they sell is competed with by many stores specialising in that very department. Just look at the price of their perfume/aftershave, you can always get it 30% cheaper at a discount chemist. Our Myers has a Mecca maxima shop right near it, I looked around Myers makeup floor space and saw a few people but you go into Mecca and it’s crowded.
Myers time is over, your using metrics from 15 years ago before we shifted to a largely services economy. Myers had little competitors for all their lines of stock now you take a department, example bedding & linen and you can see 10 business’s with huge continueing growth, they have better prices and some are innovative creating their own market. Whats next electronics or white goods again 15 years ago maybe a few players today everyone’s onto it and with better prices.
15 years ago internet speeds wouldn’t be able to load up a page of 50 images of clothing quickly, their was no handheld device, now in my palm I can look any where I want at anytime I want and view 1000s of clothing suppliers and get anything I want, incredibly cheap.
You tell me how Myers is going to compete today, even with years of relentless population growth and ever growing consumer spending myers SP is at a all time low
MYR Price at posting:
66.0¢ Sentiment: Sell Disclosure: Not Held
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