online retail
Australian department store chain, Myer Holdings (MYR), in an interview with its Chief Executive Officer (CEO) Bernie Brookes in the ACB Inside Business program has said that while online retail only accounts for less than 1 percent of its sales, he expects online sales to grow to 10 percent within five years.
- Myer plans to close "non-performing" or "marginal" stores before they become unprofitable.
Things are looking up for department store chain Myer (ASX:MYR) as chief executive Bernie Brookes reported that sales are tripling every week and could soon account for 5 percent of the company's revenue.
Despite competition from international online stores, Myer's online sales were growing even though worth only $5 million. Department store sales, on the other hand, were down 5 percent to $3.159 billion due to reduced sales of whitegoods.
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