Industry analysts had low expectations of Australian retailers for the 2024 financial year,but both companies’ trading updates may give reason to revise the pessimism.
It is probably no accident that news about McInnes joining billionaire Brett Blundy’s retail empire coincided with a 3.5 per cent fall in Myer’s share price where his former boss,Solomon Lew,is a key shareholder.
Shoppers will spend $1.25 billion on “unprecedented” deals as retailers look to clear and refresh stock,says the Australian Retailers Association.
Gen Z shoppers weren’t tempted by Black Friday discounts at all,while others switched from department store luxuries to essentials at discount barns.
The announcement comes a week after retailer Myer revealed it was nominating Olivia Wirth to its board of directors.
Now that Solomon Lew has started exercising power within Myer,shareholders will be expecting him to make a difference.
Major shareholder Solomon Lew is happy with the shakeup,as Qantas’ loyalty business boss Olivia Wirth and Ardent Leisure chairman Dr Gary Weiss look to land on the retailer’s board.
While Premier Investments’ profits held up better than most discretionary retailers,not even his well-oiled business can escape the economic backdrop.
Former Woolworths bosses and Endeavour’s largest shareholders are at odds with the company about the direction of its business.
The retail behemoth survived COVID-19 and bounced back to profit. As senior executives prepare to leave,the 123-year-old retailer faces its next challenge.
The department store owner saw its profit jump 23 per cent in financial year 2023,but things are getting harder in the cost-of-living crunch.