is an
Australia n chain of
Department Stores founded in
1900 by
Sidney Myer , in the regional
Victorian town of
Bendigo . It is now Australia's largest department store brand, retailing a broad range of merchandise including women's and menswear, homewares, electrical goods, books and music. In 1985 the Myer Emporium merged with
GJ Coles & Coy forming Australia's largest retailer -
Coles Myer Limited , however Myer remained a distinct entity within the new corporate structure.
There are 61 Myer stores located in all
States And Territories Of Australia (except the
Northern Territory ). The largest store (and largest department store in Australia) is located in
Melbourne and comprises two connected buildings - one facing
Bourke Street and the other
Lonsdale Street . Other major locations include
Pitt Street Mall, Sydney ;
Queen Street Mall ,
Brisbane ;
Murray Street ,
Perth ; and
Rundle Mall ,
Adelaide . There are numerous suburban locations throughout these cities as well as many regional stores scattered throughout Australia.
In
February ,
2004 , the
Grace Bros. brand in
New South Wales was replaced by Myer, although since the late 1980s, the two brands were owned by the same company and operated in exactly the same manner.
On August 17,
2005 , it was announced by parent company
Coles Myer that the Myer chain would be demerged, divested in a trade sale or a decision made to retain the business within the next 12 months. Thirteen expressions of interest have been made for all or part of Myer. Reasons for this decision were based on a strategic five year plan to see how the brand would fit. The supermarket and liquor brands within the group focus largely on volume sales and value for customers through aggressive marketing strategies. Coles Myer Ltd is the only retailer in the world to have added a full line department store brand to its holdings.
On Monday
2006 -
03-13 Coles Myer announced it will sell Myer to a consortium including the Myer family, whom hold a 5% stake, which is largely controlled by US
Private Equity group
Newbridge Capital , part of the
Texas Pacific group. The new owners, who have also secured the freehold on the flagship Bourke Street store, have indicated that they will not radically change the business, at least in the short term, and have no plans to redevelop the Bourke Street site as this would impact too heavily on profitability during the construction period. Texas Pacific also have interests in UK department store
Debenhams and high-end US retailer
Neiman Marcus . Management expertise from these retailers will be used to refine Myer's approach.
