Is that a small puff of smoke I see? ...
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Solomon Lew hints at fewer Myer stores
BILLIONAIRE retailer Solomon Lew has hinted that Myer should consider reducing the number of its department stores.
MR Lew made the comments after unveiling a strong profit result for his retail group Premier Investments, which includes stationery business Smiggle and clothing brands Just Jeans, Dotti and Portmans.
He said he believed department stores were still relevant in the changing retail landscape, largely shaped by online shopping.
"I think there is space in the marketplace for all department stores, but it's probably a question of how many stores they should have and their positioning in the marketplace," he said.
It follows Citigroup analysts' suggestion that Myer has room to close seven underperforming stores.
The retailer last week posted a disappointing half year profit and reduced its full year profit outlook.
However Mr Lew, who used to have a stake in Myer's rival David Jones, appeared reluctant when asked if he was interested in Myer.
"We don't own any shares in any departments stores anywhere in the globe," he said.
"We are focused on our business
at this point in time."
http://www.ntnews.com.au/business/s...ewer-myer-stores/story-fnjbnvte-1227274750563
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