Ann: AGM - CEO Presentation, page-49

And from the same 'The Oz' article, there's this, interesting because since being on the MYR Board, Mr McCartney hasn't said much if anything:

Lew’s eyes and ears on the Myer board will be former department store boss and retail veteran Terrence McCartney, a one-time head of Grace Bros, which decades ago was swallowed by Myer.

“I think it’s got to be relevant to the retail landscape of today,” McCartney told The Australian. “Department stores thrived when there were very few regional malls, they thrived before there were major discount department stores and they thrived when there weren’t category giants like (Spanish fast-fashion store) Zara.

“The landscape has changed.”

McCartney, elected a director in November believes the brand still has a strong following.

If Myer can develop that loyalty, whether as a combination of in-store as well as online, it’s still a very good opportunity for department stores, he says.

“I think shoppers still want to shop in department stores, I think they do,” he says.

“If you look at their loyalty programs, you can see how many people are loyal to them. And you can see how many people are shopping more online too, but that will be part of the package.

“When I first went into department stores, it was the place to shop things, and they’ve had to work really hard about reshaping the cost lines of real estate, etc. But there is still a very loyal customer base for department stores.”