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Myer Holdings Limited (ASX:MYR) CEO Bernie Brooks expects online sales to comprise 10 per cent of its business over the next five years.
Mr Brooks says bricks and mortar retailers will gain competitive advantage if they get properly into the online space, and he believes the space will be dominated by large retailers such as Myer in the future as they better utilise their online sales portals.
The Myer chief also expressed his belief that a December interest rate cut will deliver retailers a shot in the arm, ahead of what he anticipates will be a mostly flat Christmas trading period.
Mr Brooks believes the current trading environment warrants a rate cut at the end of the year.
He says further interest rate decreases could help kick start some of the economy and help not only Myer, but retail trade in general.
Myer achieved a full year 2012 net profit of $141 million.
(20min delay)