Myer chief executive John King said it was ‘exploring’ future CBD options in Brisbane. Picture: NCA NewsWire / Dan Peled
THE exit of department store Myer from its longstanding Queen Street Mall location in the heart of Brisbane is a sign that retail landlords face tough times in dealing with tenants.
Both the listed Myer and the private equity-controlled David Jones have flagged extensive rationalisation of their store networks, but the planned closure in a landmark city location surprised industry players.
Myer was the main retailer of its namesake Myer Centre since 1988 – when it opened ahead of Brisbane’s World Expo – and leaving the site could raise questions about other city malls.
Landlords have been working with department stores to shrink their oversized footprints and bring more productive tenants into the spaces they leave behind.
The move comes despite Myer’s post-pandemic recovery and may reflect a more conservative stance on the economy as interest rate hikes bite into consumer spending.
The Myer Centre food court. Picture: David Clark
In a statement, Myer said it was “unable to renew its lease” in the current Brisbane CBD location in Queen Street Mall and would “continue to search for alternative locations”.
“Whilst Myer remains committed to having a presence in the Brisbane CBD, it has not been able to reach appropriate and reasonable commercial terms with the current landlord, which will see the current store cease trading at…
