Myer is expanding its chain of 65 stores nationwide to 80 by 2014, with three new stores to be opened within five years. This brings the total number of leases signed for new stores to 12, with a further three under negotiation.
The three new stores will be located at Tuggerah (New South Wales Central Coast), Coomera (Gold Coast), and Woden in the ACT, and are planned to open towards the end of 2013.
The Tuggerah and Woden stores will be located within the existing Westfield shopping centres while the Coomera store will be built at the planned Coomera Town Centre.
Each store will comprise two levels and will be approximately 12,000 square meters.
Myer director of property development, Paul Banks said the new stores were another indicator of positive growth for the Myer business.
“Our growth strategy has always been very clear and one aspect of this strategy is our commitment to expand our portfolio of stores to 80 by 2014. [Today’s] announcement of a further three leases signed for new stores is evidence of our ongoing investment in the future of Myer,” said Banks.
“Despite enduring some of the toughest retail conditions in decades, our plans for expansion have not altered. Our decision to add another three stores to the Myer portfolio over the next five years is part of our strategy to support the future growth of Myer,” he said.
- Multi-million dollar makeover for shopping centre
- Myer launches the Give Registry
- Myer brings UK retailer John Lewis to Australia
- Myer joins forces with UK giant
- Myer CEO: technology has a sell-by date like fresh food