Myer CEO Bernie Brookes has revealed his ambitious plans to bring the retailer back to glory.
Opening up to CPA Australia CEO Alex Malley as part of an exclusive interview on The Bottom Line, which aired on April 19, Brookes unveiled Myer's vision for the future.
To view a highlight from The Bottom Line interview, click here.
Brookes told Malley the “next stage of Myer” will require him to look at the retailer's operations with fresh eyes – as if he was a new CEO coming in.
This will see the Myer team “refresh, regenerate, take the plan and accelerate it, and think that this was day one of a 100-day plan”.
The focus of the 100-day plan, Brookes said, is multi-faceted.
“I think if you were an outsider looking in, you'd look at the acceleration of our customer service program, you'd look at certainly the acceleration of our online ability and our ability to sell product online – and we've got what I call, some big, hairy, audacious goals there now. I think certainly the acceleration of using our space in our store, which is part of our five-point plan.
“Accelerating the way we reward and recognise our Myer One customer and more newer, fresher and more relevant product.”
The retailer's renew focus on customer service will reportedly see Myer inject an additional $23 million into staff wages, according to the segment on The Bottom Line.
“New blood” in terms of the Myer management team is also on the cards, according to Brookes.
“Firstly there is some new blood – if you're going to launch a 100-day plan, you got to make sure that you've got people that are side-by-side with you, people that are committed and more importantly, people that are energised.
“And therefore, by putting a couple of new people into the business, it gives us the opportunity to reinvigorate the whole management team and the business – and the leader of the pack, sets the pace for the pack. If you've got a leadership team that are running faster and harder, then the rest of the team are going to do the same.
“In my reappointment, I've got to make sure that in the next few year's time, I've got at least two or three candidates internally that we've brought into the business, that the board are fully conversant with and have helped induct into the business and therefore provide a opportunity to take Myer yet another step in a few year's time.”
Brookes also commented on the state of Australia's retail talent drain and said he will be putting significant focus into ensuring that the Myer legacy continues into capable hands in the future.
“What's happening with a lot of retailer's throughout Australia, the minute they want talent, they go overseas. And therein lies the issue that we have – we've got to breed our own, we've got to build the next level of senior management in retail who are effectively there to become the future CEO's and chairmen of companies.”
On the increasingly competitive retail landscape in Australia, now also home to international giants such as Zara, H&M and, most recently, Uniqlo, Brookes said it's a fact all local retailers must accept and prepare for.
“First, you've got to realise you're not going to stop them.
“These are world-class retailers selling significantly more volume than many of our home-grown retailers and therefore they are a significant new competition,” he said.
“We've got to ensure that we know who they are, when they're coming, how we are prepared to take tem on and how we are prepared to protect the jobs of the 13,000 or 14,000 people that work for Myer.
“It's a big obligation and big responsibility that we have.”
Bernie Brookes’ exclusive interview with Alex Malley on The Bottom Line aired on Saturday April 19 at 4.00pm on Channel Nine. Bernie Brookes is Episode 10 in a 24 episode series.
The full and exclusive interview on The Bottom Line is nowavailable to view online. To watch the episode, visit: www.thebottomlinetv.com.au.