I am not convinced that Myer should be spending this much money on an online store... I think they will be damaging their core asset, and I dont know whether they have the skills in customer service and logistics / warehousing to compete
Department stores never could compete on price and they never needed to, it was always part of the customer experience...
I can't recall the number of times I have had to walk up to them and apologise for interrupting their personal conversations amongst each other.
Rather than spending 40m on a store to cannibalise your current sales... why doesn't Bernie just politely ask every staff member to ask a random customer "Can I help you" just once every 20 minutes.
Online sales will only work if you have pricing power, otherwise they become discount outlets. For most of what Myer sells they dont control pricing so there will always be a cheaper website.
Having said that... at these prices Myer is a good buy
MYR Price at posting:
$2.10 Sentiment: Buy Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)