Myer to stay at Caneland Central after Queen St Mall closure


March 22, 2023

Duncan Evans | Daily Mercury

Myer’s decision to close its flagship operation in Brisbane’s Queen Street Mall rocked Queensland’s retail space. We reveal the future of the iconic business’ Mackay store here.

Mackay shoppers will continue to have access to a large-scale department store after retail giant Myer confirmed it would remain at Caneland Central despite the shock closure of its flagship operation in Brisbane’s Queen Street mall.

Myer will shutter its CBD outlet after 35 years of trading but in Mackay, a Myer spokesman said it was “business as usual”.

“We have a proud history of serving the Mackay community and we remain committed to providing the local community with the service, brands and in-store experience they love and trust from Myer,” the spokesman said.

Myer entered Mackay in 2011 and remains one of Caneland’s core attractions.

Sentinel CEO Warren Ebert took control of the shopping hub in December last year and said Myer’s Brisbane pullback did not concern him.

“It (the Mackay Myer branch) is a very well-run store, it is well stocked,” he said.

“It covers a very big and wealthy market, so it does very well.”

For years, Myer has struggled in the competitive retail space.

Its stock price has collapsed more than 71 per cent from 2009 to now, or from about $3.50 a share to $1 today.

Its year-to-date performance is more promising, registering a 49 per cent upswing from January to reach a market capitalisation of $821m.

Mr Ebert said the business was a viable enterprise with a long-term future in Mackay.

“They are profitable, which is the main thing, and they are continuing to improve,” he said.

Caneland continues to transform following the December change in ownership.

Mr Ebert confirmed work on the centre’s $4.6m solar installation would begin next month and final designs for a new travelator were under assessment.

He also confirmed a large-scale sporting goods store will come to Caneland.

“We are going to put in a sporting store,” he said.

“A well established, very profitable, very well known brand.”

Sentinel has also appointed Mark Farquhar as the centre’s manager.

“The centre management team and I will work closely with the retailers to ensure continued convenience and service is maintained,” Mr Farquhar said.

Mr Ebert said turnover at Caneland was up 10.6 per cent for the month of February year-on-year.

 

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