Is Myer still a pariah?

New management will make or break Myer - but is the 75% share price fall since its 2009 float too good to resist?

Many have claimed ‘The department store era is over’. The argument is easily summarised: online competition and the flood of international retailers such as Zara, H&M, Topshop, Uniqlo and Sephora into Australia mean department stores are the dinosaurs of the retailing industry.

There’s just one problem – the facts don’t necessarily support a dire conclusion. Yes, some Australian department stores have been suffering. A quick glance at Myer’s margins over the past half-decade tells the story (see Chart 1).

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