MYER VALUATION, page-33

I think you'll find seeing as that was the concern several years ago that the "long term" lease commitments will be largely stacked to the profitable stores, ie; as mentioned should actually fall under the definition of asset IMO, they have been letting leases lapse and even ending them early for years now to shed some of the less profitable stores, this has actually seen profits go up in the last set of results even on declining revenue remember?
Quite surprising at this point people are still banging on about it, several stores have now been closed entirely, many more new lease agreements in place with reduced floorspace, better rates, etc, this is old news and has been getting real action on it now for several years, this is why the metrics they are after is sales per square foot rather than just plain old revenue growth at any cost.
I'm not saying there is not more work to do on this part of the equation but the heavy lifting is largely done IMO, next set of FY results should have all the bad news out of the way (a couple more store closures and IT upgrade IMO), platform for future growth should be well and truly set.
This Christmas seems like it wont be the one retailers were hoping for due largely to the fires and the effect on sentiment but conditions are ripe for Australian retail to boom next year, should be an absolute ripper next year, likely the best we've seen in over a decade IMO, I actually don't think this year will be as bad as most seem to be forecasting either.
My bet is 2020 will be the year retail in Australia really comes out of it's coma and a few multibaggers will ensue, IMO MYR is one of those likely to multibag