Myer investors have overwhelmingly voted in favour of the mega-deal that chief executive Olivia Wirth says sets up the department store for the long term.
The department store says cautious shoppers are looking for savings as they battle cost-of-living pressures.
If you think about the two groups as the canaries in the coal mine of Australian retail,those two birds appear to be struggling to chirp.
The retail billionaire joins a long list of big-end-of-town businessmen who have taken issue with how Labor is performing.
The billionaire rag-trader has his hands full amid a potential acquisition by Myer of five of its brands and a stoush with Smiggle’s ex-boss.
The Solomon Lew camp has taken a big swing sacking John Cheston,who was poached a few months ago by billionaire retailer Brett Blundy.
The retail billionaire’s end game appears to go beyond just growing these Australian businesses internationally. Rather,it is a plan to establish each as global brands.
The popular stationery and sleepwear brands are set to be spun out of Premier Investment’s stable of brands next year.
This year’s Black Friday deals were some of the best that Australia’s ever seen. But it’s uncertain if retailers can offer the same next year,as discounts eat into margins.
Premier Investments’ chairman Solomon Lew called for federal assistance for consumers,as he notched record sales during Black Friday and lifted earnings expectations.