Myer to claw back stores and sales from its ‘sexy cannibals’

 In Australia, Myer, NewZealand
Myer will try to claw back sales and floor space from the high-end concession stores that have colonised its stores.
After reporting an 80 per cent slump in full-year profit on Thursday, Myer management said the shift towards concession stores set up by high-profile brands such as Mecca Cosmetica, Cue and Sunglass Hut had "gone too far".
Bringing "wanted brands" into Myer stores was a key part of Myer’s five-year "New Myer" turnaround plan launched in 2015.
But chief executive Richard Umbers said that while concessions had improved sales productivity, those sales had delivered less profit for Myer and eaten into sales of its own, higher-margin products. Sydney Morning Herald – Read more…

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