Ann: Investor Strategy Day - Presentation, page-6

Myer at 72c isn't already a buying opportunity?

It's priced for what is on offer to date, dead meat per kilo. I have hope for our grand national department store chain - but it will take a lot more than a glitzy presentation from a lady to sway my wallet.

When I reflect on Myer over the years I often think about how when I was a boy, as a family we'd spend at least half a day there. It was possibly even an outing. I remember the chocolates train / belt, massive seasonal exhibits, cafeteria dining and general "wonderland-ness". In the early 00s it lost this, in favour for the Department Hospital design. Super clinical and boring. Whereas I remember ASKING for us to go there every weekend to get chocolate, eat at the cafe, see the lego land exhibits and - yeah, mom and dad would leave with a bunch of crap from the various departments we'd transit through.. The crap Myer would get a cut on, but the cafeteria and chocolate sales etc... that was all revenue for Myer, no profit shares required and, that pulled people in even if they had no intention of buying anything from the departments.

Rather than talking about how we can redesign our stores with images that look as if they pulled mock furniture from the floor of an Apple store, and rebuilding the loyalty points system into abstract layers of currency built upon many other abstract layers of currency, why not redesign to bring families back for the day? Surely it's been long enough to bring the old back into season again?

I suspect it will fall a bit further as punters choose to realize losses prior to EOFY if there is no improvement on the SP before late June. I am leaving my sentiment as none because I am torn between buy and hold. I think there's possibly a quick 10% to be made when for no good reason this SP gets attention, but frankly this time next year - I expect to see the same dead horse for sale at around $0.60 a killo.