Retail giant Myer to leave Myer Centre in Queen St Mall

Retail giant Myer is set to leave its flagship Queen Street mall site later this year in the most significant shake-up of Brisbane’s city retail precinct in decades, the centre’s owners promising a ‘reimagined destination’.

Myer is set to leave the Myer Centre in Brisbane’s Queen Street Mall. Picture: NCA NewsWire / Dan Peled

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Retail giant Myer is set to leave its flagship Queen Street mall site later this year in the most significant shake-up of Brisbane’s city retail precinct in decades.

The retailer has been the main retailer of its namesake Myer Centre since 1988 – when it opened ahead of Brisbane’s World Expo.

But The Courier-Mail can reveal the retailer is set to vacate the site later this year after choosing not to renew its lease.

The Myer Centre has been a landmark in Brisbane’s CBD for decades. File picture: Mark Cranitch.

A joint statement from owners Vicinity Centres and ISPT said a number of options for the centre were being explored, “including a downsized contemporary department store and plans without a department store which we can now progress with certainty.”.

“We look forward to delivering a reimagined destination in the heart of Brisbane’s evolving CBD and anticipate sharing our plans shortly,” a spokesman said.

“In the meantime, the centre will continue to offer the growing number of visitors, locals and CBD workers a diverse mix of retail, dining and entertainment options with no impact to public transport or car park access.”

The decision for Myer to depart comes after months of negotiations, with The Courier-Mail understanding Myer chose not to exercise its option for lease renewal.

The company has also been undergoing a “consolidation strategy” involving a number of store closures around the country.

Children enjoying the Dragoncoaster at the top of the Myer Centre in its earliest days.

Myer reported its best interim profit since 2014 last Thursday, with its share price jumping 19 per cent.

The retailer reported a 24.2 per cent lift in sales to $1.884bn for the six months to January 28, with net profit jumping 101.4 per cent to $65m.

Myer has decided not to renew its lease within the Myer Centre, with owner Vicinity likely to redevelop the site.

Boss John King told investors an “ability to capitalise on customers returning to stores and CBD locations” had been key.

“We are very pleased with the strength and quality of our first half results, with a best-on-record first half sales performance, significantly improved profitability and a balance sheet that continues to provide a strong foundation for future growth,” he said.

A Myer spokesman told News Corp last week the company did not comment on active commercial discussions.

Today the company confirmed the Queen Street store would stop trading at the end of July, and would search for another Brisbane City site.

“Whilst we remain committed to the Brisbane market, we have been unable to negotiate a reasonable commercial outcome with the landlord and as such will continue to look for an alternative CBD location,” chief executive John King said.

“For our loyal customers, we will continue to serve the Brisbane area with our surrounding stores and our 24/7 online business while we explore future Brisbane CBD options, and we thank you for your ongoing loyalty.”

Construction of the Myer Centre in 1987.

Mr King also thanked team members for their service, and said Myer would be “providing redeployment opportunities at nearby stores”.

Lord Mayor Adrian Schrinner said it was a “sad day for generations of Brisbane residents”, but also a great opportunity for the CBD.

“Myer first opened at its current location just before Expo ‘88 and with the Brisbane 2032 Olympic and Paralympic Games on the horizon, now is the perfect time for the centre’s owners to reimagine one of Queensland’s premier retail spaces,” he said

“The Myer Centre once had live music on its lower levels as well as a fun park at the top and has always evolved and moved with the times.

“I think this is a fantastic opportunity for the centre to be reinvigorated into a vibrant, modern retail experience for residents and visitors and I look forward to working with the owners on their future plans.”