Wirth’s rescue plan for Myer is missing one big thing: growth
For much of the last decade, Myer’s strategy has been to accept its diminished place in the market and shrink itself in response. Olivia Wirth’s plan is very different.
Take a large and surprisingly rusted-on customer base. Add a solid online business, a reasonable inventory position and resilient operating cash flow. Sprinkle in a pinch of comparable sales growth and improving customer satisfaction.
These are the basic elements new Myer executive chair Olivia Wirth is working with as she plots a turnaround at the fabled department store. But the full-year results she handed down on Friday make it clear there’s one big thing Wirth’s plan is lacking: growth.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
