Why a billionaire retailer seems intent on ‘saving’ Myer

Billionaire retailer Solomon Lew has upped his stake in Myer.

But Tom Elliott can’t understand why, saying department stores sadly appear to be headed the way of the dodo in the online shopping age.

Eli Greenblat, retail analyst and Senior Business Reporter at The Australian, said all was not lost.

“Yes, Myer is struggling (and) yes, it isn’t shining as it used to and isn’t as strong as it used to be, but it still has sales of about 2.5 billion dollars,” he said.

“If you can turn it around and fix that department store up, you’ve sales of $2.5 billion a year – you should be able to make a good profit out of that.”

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