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Myer to close stores in Australia as part of redevelopment strategy

RBR Staff Writer Published 01 June 2015

Australian department store chain Myer is planning to close its store in the Top Ryde City shopping centre in Sydney, as part of its redevelopment plans worth $40m.

The move comes in response to Myer one data review that majority of the retailer's customers are now prefering to shop at nearby Myer stores.

Following the closure, the 10,550m2 retail space where the shopping centre is located will be handed over to other retail majors such as Coles, Zara, H&M or Uniqlo.

The company also plans to close three trial stand-alone speciality stores selling Myer exclusive brands or private label brands in womenswear, menswear and childrenswear in Melbourne by the end of August this year.

Earlier, the company planned to expand its retail presence by opening close to 15 new stores by the year end.

Myer, however, cancelled its plans to open new stores due to surge in online sales and competition from rivals including Zara. H&M, Topshop and Uniqlo.