David Jones has revealed it is in the midst of a strategic review, just days after rejecting Myer's merger proposal.
The company confirmed it has lodged a preliminary development submission in relation to its Market Street, Sydney property as part of a “comprehensive Property Strategy Review”.
The submission seeks to obtain a non binding response from Sydney City Council in relation to the proposed development of this site.
According to David Jones, the purpose of the submission is to ensure that David Jones maintains maximum flexibility in terms of development options for this site by securing the largest development envelope and retaining its development options given the neighbouring City Tattersalls Club development.
Commenting on the move, David Jones CEO and MD Paul Zahra said the retailer is looking to refresh and maximise the potential of its property portfolio.
“We are committed to ensuring we unlock the maximum value of all of our properties for the benefit of our shareholders. We are currently undertaking a comprehensive Property Strategy Review, including a thorough analysis of the risks and rewards associated with all of the options available to us in relation to our property portfolio.
“In the interim we have today sought to maximise the development options for our Market Street property by lodging a preliminary development submission with Sydney City Council. We will continue to update the market in relation to further developments in this process,” Zahra said.
This latest action by David Jones follows its recent rejection of rival Myer's merger proposal, as previously reported on ragtarder.com.au.