The retail giants of Australia are going head to head once again. Myer have reported positive performance this week (albeit mildly) as full year sales “rose 0.7 per cent to $3.28 billion for the year to July 24.” Myer chose to cut prices of their higher margin private label products, and it seems the move has worked well with total sales (not including the Myer Melbourne refurbishment) up 1.3 %.
In the opposing corner, we have David Jones, who have just launched their new Bourke Street Melbourne store renovation. Whilst Myer is also going through renovations in their Bourke Street flagship, the David Jones store will increase their selling space by 30% and will come in close to the same size as Myer. Melbourne is definitely hot, hot, hot right now with retail expansion. The city is now leading Australia with the largest number of luxury retail stores. Within David Jones, new international luxury concessions are under way, and for Myer high end international fashion labels will be coming on board.
Melbourne is quickly regaining its reputation as Australia’s most fashionable city, and now it seems, also the best to shop in.
Image credit: abc.net
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