The Man Trying To Reinvent A 116-Year-Old Retailer

by MR Magazine Staff

When he took the reins at Australia’s largest department store chain Myer last March the group’s profits had been stagnating for two decades. His challenge was to reinvent the brand and bring the love of shopping in its stores back to life. Just over a week into his new role, he had to warn investors that earnings would be lower than expected and admitted the firm had “lost relevance with some customers”. Less than six months later he had a plan, albeit an expensive one. His idea was to spend some 600m Australian dollars (£340m; US$450m) over the next five years transforming the company, whose value then was just A$700m. Read more at BBC.