In 2019, Myer’s loyalty scheme was terminal; unattached shoppers were outspending members of Myer One dollar for dollar. The program was placed under review by then-newly installed chief executive John King and barely rated a mention with investors.

Five years later, it is central to not just Myer’s survival but its entire value proposition, with 4.3 million active shoppers and more than 7 million accessible members. Today, most of Myer’s sales – which hit $1.8 billion in the December half – are at the hands of Myer One members.