Alan Kohler is one of Australia’s most experienced commentators and journalists. Alan is the founder of Eureka Report, Australia’s most successful investment newsletter, and Business Spectator, a 24-hour free business news and commentary website. He also hosts Inside Business, a half-hour Sunday programme on the ABC, is the finance presenter on the ABC News - and producer of the nightly graph (or two).
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Myer is beginning to see the fruits of some bold technology, marketing and cost-cutting moves. The impact will be felt in the retail sector and beyond.
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Comments on this article
Comments PolicySo Myer management needed falling profits to make them reduce property costs, cut out the middle men, provide more staff for customer service and use technology.
And I used to think management were paid big bikkies due to their expert knowledge?
Unfortunately it is human nature to get lazy when your profits are high (eg mining companies) and concentrate the mind when your profits are falling (eg retailers).
For investors the trick is to identify management who are just as passionate about improving value and customer service in a boom as they are in a recession.
Geoffrey, is right, it seems that businesses are only looking for efficiency, when economies dictate.
Innovation, lets apply that, to the creation of new ideas. Lets use CO2 as an asset, or as Richard Feynman said "Intelegence, is only limited by imagination".
Myer was foolish to slash staff in the first place. Sure it helped their bottom line but they developed a reputation for poor customer service. Seems like management have finally remembered that they're ultimately a "service" provider and are reversing this trend. Institutional investors are the scourge of business. How can a company possibly make strategic decisions when shareholders only care about the next quarter? Now all we need is the govt to relax the draconian IR laws and perhaps retail will start to grow again.
It is hard to know who are the worst enemies of retailers-Labor Governments or as you so aptly call them dumb institutional analysts.Myer like all big companies are slow to move when new technologies arrive.A Sydney based bicycle wholesale/retail outlet have been using the above described technologies/systems for some years very successfully with massive savings for their customers and rapid delivery .Big W today has free delivery on Easter specials and I am receiving emails twice a week from them .It sure beats driving many kilometres ,wasting time parking ,traffic jam etc.