Myer mulls bolt-on buys: report

Retailer launches new operation aimed at owning freestanding outlets.

Myer (MYR) is looking beyond David Jones (DJS) for its acquisition ambitions, with the retailer forming a new corporate division that will focus on owning freestanding retail stores, according to Fairfax Media.

The new business within Myer has been named FSS Retail and is believed to be an acronym for ‘Free Standing Stores’.

Fairfax reports that the division will look to branch Myer out from the department store environment through standalone stores that will focus on exclusive Myer-owned brands such as Sass & Bide and may chase bolt-on acquisitions.

The entity has three directors, including Myer chief executive Bernie Brookes.

The news comes on the back of a push from Myer for David Jones to engage on a $3.2 billion merger plan.