NATIONAL: Myer has confirmed it will open three more stores by the end of 2013.
The new stores will be located at Tuggerah (NSW), Coomera (QLD), and Woden (ACT), and are part of the department store's long term strategy to swell its national portfolio from 65 to 80 stores by the end of 2014.
The three new stores brings the total number of leases signed by Myer to 12. A further three leases are under negotiation.
Myer Director of Property Development, Paul Banks, said the announcement was evidence of Myer management's investment in the future of the business.
"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," Mr Banks said.
The Tuggerah and Woden stores will be built within the existing Westfield shopping centres, while the Coomera store will be located within the planned Coomera Town Centre. Each store will comprise two levels and will be approximately 12,000 square metres.
Myer also confirmed that it has today (September 28) officially lodged with the Australian Securities & Investments Commission the prospectus for the initial public offer of its shares. Myer plans to list on the Australian Securities Exchange by the end of the year.