Myer Holdings Limited : New Myer Store for Darwin
New Myer store for Darwin
06/25/2012| 08:00pm US/Eastern
Myer Holdings Limited (MYR) today announced plans to build a
new store in Darwin, Northern Territory. The new Myer Darwin
will be a two-level 12,000 square metre store featuring a
large range of apparel,
About Casuarina Square
cosmetics, homewares and electrical merchandise.
Myer Chief Executive Officer, Bernie Brookes, said that the
new store would be the first full-line department store in
Darwin and delivered an opportunity for Myer to reach a
significant growth area and a new customer base in the north
"As we optimise our store network across the country, Darwin
is the ideal location for a new store, and will expand our
customer base and footprint into the Northern Territory for
the first time. Darwin is a region of significant economic
growth and the community support for the addition of a Myer
store has been tremendous," Mr Brookes said.
"The store will be in an ideal location for us. Casuarina
Square is already a well-established centre that has a strong
customer offer including specialty retail, supermarkets,
discount department stores and a cinema. We believe the
addition of a full-line Myer store will further strengthen
the customer proposition.
"We are delighted to have reached an agreement with GPT Group
to be a part of their proposed expansion of the Casuarina
Square Shopping Centre. We also welcome the Territory
Government's willingness to work towards integrating
public transport into the development.
"As we build on the success of our new Mackay store in
Queensland, we are looking forward to the opening of our next
two new stores at Fountain Gate (Victoria) in September and
Townsville (Queensland) in October this year.
"Our national store network and strong Myer brand provide a
unique advantage in supporting our omni- channel strategy.
While we continue to be committed to a program of new stores
and refurbishments, we are also seeking to maximise the
productivity of floor space in all of our stores," he
The expected completion date and opening of the Myer Darwin
store is 2016, subject to authority approvals and meeting
other project milestones.
Casuarina Square is the largest enclosed shopping centre in
Darwin and the premier shopping destination in the Northern
Territory. It is located in the heart of Darwin and is easily
accessible to the broad surrounding population. The 53,300
square metre centre includes two discount department stores,
two supermarkets, a cinema complex and 190 tenancies in
As at April 2012, the moving annual turnover (MAT) for
Casuarina Square was $380 million, with specialty MAT of
$10,607 per square metre and specialty occupancy cost of
approximately 14.8 percent.
Myer Holdings Ltd. ABN 14 119 085 602
The centre is owned by GPT Group. The developer will lodge a
Development Application in due course. The likely start date
is subject to authority approvals.
About Darwin / Northern Territory
The Northern Territory's population is growing with an
additional 70,000 expected to call the Territory home by
The Territory has a very bright economic future and a growing
economy, with one of the lowest unemployment rates in the
The Northern Territory is set for a period of economic growth
with a significant resources project recently secured and
additional major projects in the pipeline, delivering
business opportunities in the region.
The Northern Territory's great lifestyle
attracts 1.2 million tourists a year, including 35,000 cruise
ship passengers who love to shop and are an important part of
For further information please contact:
Davina Gunn, Investor Relations Manager, +61 (0) 400 896 809
Jo Lynch, General Manager Corporate Affairs, +61 (0) 438 101
This release may contain "forward-looking statements".
Forward-looking statements can generally be identified by the
use of words such as "may", "will", "expect", "intend",
"plan", "estimate", "anticipate", "believe", "continue",
"objectives", "outlook", "guidance" and similar expressions.
Indications of plans, strategies and objectives of
management, sales and financial performance are also
forward-looking statements. Forward-looking statements are
not guarantees of future performance, and involve known and
unknown risks, uncertainties and other factors, many of which
are outside the control of Myer. Actual results, performance
or achievements may vary materially from any forward-looking
statements. Readers are cautioned not to place undue reliance
on forward-looking statements, which are current only as at
the date of this release. Myer assumes no obligation to
update such information.
Myer Holdings Ltd. ABN 14 119 085 602