Myer to close flagship Brisbane store after 35 years
Myer will close its department store in Brisbane's Queen Street Mall after more than three decades in its flagship Queensland premises.
The retail giant says it will vacate its five-floor store in The Myer Centre days after posting a half-yearly 24 per cent jump in first-year sales.
The store has been the centrepiece of Myer's holdings in the Sunshine State since it first opened as Australia's second-largest department store in 1988 in time for the city to host World Expo 88.
But after 35 years of operation, Myer chief executive John King says it won't renew the lease on the CBD property after talks broke down with landlords.
"Whilst we remain committed to the Brisbane market, we have been unable to negotiate a reasonable commercial outcome with the landlord and as such will continue to look for an alternative CBD location," he said in a statement on Thursday.
"We thank our team members for their service and will be providing redeployment opportunities at nearby stores."
Myer still has stores in Brisbane at Indooroopilly, Chermside, Carindale and Upper Mount Gravatt.
Losing its namesake tenant could lead to the landlords renaming the shopping centre, which has about 180 smaller stores.
Despite the blow to the Queen Street Mall shopping precinct, Mr King stressed Myer was looking for a new home in central Brisbane.
"For our loyal customers, we will continue to serve the Brisbane area with our surrounding stores and our 24/7 online business while we explore future Brisbane CBD options," he said.
The Myer group, which retails fashion, cosmetics, homewares and electricals, doubled its net profit to $65 million on the back of $1.9 billion in sales - a 24 per cent increase - in the six months to January 28.