Thrifty Myer

Cutting costs and reinvesting the money where it matters.


Myer vows to halve office space or move out of Melbourne headquarters

Samantha Bailey4:40PM September 21, 2018

New headquarters for Myer at 800 Collins Street, Docklands. Picture: Paul Trezise
Myer is looking to either halve its office space at its 800 Collins Street headquarters or move out — as the company looks make savings.
“Both options will lead to a significant cost reduction in our rent bill,” a Myer spokesperson said.
“All costs that are not customer focused are being reviewed.”
The company is looking to reduce the number of floors it occupies in the building from six down to three or find a new space for its headquarters.
“We have to put the customer first — in every decision we make and every action we take,” the spokesperson said.
“As such, we are looking to further downsize the support office or, if that is not possible, to find a more viable premise for Myer’s head office.”
Myer’s lease at its Docklands office does not end until 2022, but the retailer has indicated it is open to moving up to 20km out of the city to get a better deal on its rent.
It comes after the company booked to a full-year net loss of $486 million for the 12 months to June 30, citing muted sales.
New chief executive John King took on top job in June, replacing Richard Umbers who was ousted in February following a string of profit downgrades.
Myer (MYR) shares closed 1.79 per cent lower at 55 cents on Friday.