Department store Myer has today announced that it will slash the Tuggeranong store from its retail network.
According to a statement released today, Myer has decided to not renew the lease on the Tuggeranong (ACT) store, with May 2012 expected to be the last month of trade .
Myer also revealed that the sales dip at the Tuggeranong store was a result of cannibalisation by one of its newer developments nearby.
“Myer continues to review the merits of its new and existing store portfolio as a normal part of doing business, particularly in the context of lease renewal discussions.”
“The Tuggeranong store represents less than one per cent of total group sales and Myer One data indicates that the majority of Tuggeranong customers were also choosing to shop at the recently refurbished Canberra City store. Continuing communication with our customers in the area will further encourage them to visit alternative nearby stores.”
The company also said it will deploy all permanent employees with new positions at the nearby Canberra City and Belconnen stores.
A new Myer store at Townsville (QLD) is also scheduled to open in 2012, with Shell Harbour (NSW), and Fountain Gate (VIC) also under construction and due to open in FY 2013. For the ACT, a new store is planned to open in FY 2014 at Woden, one of the largest shopping centres in the ACT.