March 23, 2018

Both institutional and individual investors have been doing their dough on Myer for more than 10 years now. Why? It’s a ‘value’ addiction the market just can’t shake.

Myer’s share price has now fallen for nearly 8.5 years straight. There has been occasional respite each time the company presented a new strategy, but generally it has been false hope. The stock has lost 91% of its value since listing.

It is and has been a classic value trap.

The traditional bricks-and-mortar retail industry is in structural decline, same as newspapers and television, caused by the massive disruption from online and mobile.

Department stores are the poster child for this decline. They were invented to showcase the wares of the world in one place at a time when travel was a rare treat and people marvelled at exotica from afar. Pretty sure this is not an issue today … one click and it’s in front of you, no need heading to the mall. Even if you do end up there pretty much everything on sale inside Myer is also a...

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PO Box R281,

Royal Exchange

NSW, 1225


Level 17

25 Bligh Street

Sydney NSW 2000

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