Myer’s future in Brisbane CBD shopping precinct under a cloud as it refuses to renew leasePosted by On


Myer’s future in major CBD shopping precinct under a cloud as it plans to close flagship store in prime spot it has occupied for 35 years

  • Myer has been flagship store in Brisbane’s Myer Centre for 35 years
  • It will leave the department store once its lease expires in July
  • Landlord currently looking at future plans for mall

Myer is not renewing its lease at a shopping centre that has borne its name for over 30 years, sparking fears over its future in the CBD.

The retail chain has decided not to renew its lease at the Myer Centre in Brisbane’s CBD and will leave the site in July this year.

Daily Mail Australia understands that the decision came after months of protracted negotiations with the landlord and follows several store closures around the country as part of Myer’s consolidation strategy.

Myer will leave the Myer Centre in the Brisbane CBD at the end of its lease in July this year

Myer will leave the Myer Centre in the Brisbane CBD at the end of its lease in July this year

This is despite the once-ailing emporium recently posting its best profit since 2014.

Last week, Myer recorded a 24.2 per cent lift in sales to $1.884b for the 26 weeks to January 28, as net profit rose over 100 per cent to $65m, according to The Australian.

Retail expert Professor Gary Mortimer told Daily Mail Australia the decision to…

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