MYER

MYER

MYER

Answer to Question No. 1

Myer in Australia is the largest group of department stores and it has been synonymous with style and fashion for over 100 years. It has 67 shops in primary locations throughout Australia and has a turnover of over $ 3.2 billion in fiscal 2010. Myer offers more than 600,000 product lines, of which 2,400 brands from over 800 suppliers worldwide. It sells a wide range of retail of goods, including menswear, women wear, children wear, footwear, and accessories, cosmetics and fragrances, household items, appliances, furniture and bedding, toys, books and stationery, food and candy, and items for the trip (Bellamy and Nei, 1994). Myer has stores in all Australian states and are in all capital cities (except Darwin) and their suburbs and selected regional centers and other cities. The Myer was initiated by Sidney Myer in the year 1899, in Melbourne, and certainly became one of the largest retail companies. In the year 2006, Myer was acquired by a group of companies with TPG having 83% of the ownership, 9 percent is held by management, and 8 percent share is held by the Myer Family Company. Myer is benefited by diversified management skills due to number of people in the management team. Myer has got more than 67 chains of stores all over Australia. Myer has a return excessive of $3B yearly, and is planning to rise to 80 stores all over Australia. Every store is tactically placed in urban and rural areas, and is customized according to the area it serves [6].

Answer to Question No. 2

The following are the five areas where changes had to occur after the sale of Myer to the consortium in the year of 2006:

•The major thing that needed to be changed was the culture of Myer. The emphasis was required to be directed towards the customer focused organization rather than production oriented.

•The second notable thing was to change the bureaucratic culture of the organization. The direction of Myer regional and other stores were issued from the head office, which might create problems for the regional stores in different areas. The strategies of the different stores needed to be designed according to that locality which required the autonomy and sovereign policy making of these stores.

•The change required the management to empower the managers of these stores to design and implement their own strategies as per requirement of the customers of these localities.. ...