Australia’s department store chains have been reducing floor space since 2017 – but experts believe they’re not done yet as consumer habits evolve.
David Jones has been quietly reducing its floor space in some stores as shoppers become more reluctant and deliberate about their purchases, with some experts predicting the same changes are coming for mid-market rival Myer.
In NSW, David Jones’ Bondi Westfield store is being refurbished. It will reopen mid-2025 with only three floors after relinquishing one full floor and part of another. “Key to delivering this experience is our ongoing program of retail network optimisation, through investment in our stores and right-sizing,” the spokesperson said.
IBISWorld estimates David Jones will notch $2.2 billion in revenue this year and Myer will post $2.8 billion, as the department store industry recovers modestly after being hamstrung by lockdowns and the lengthy pause in tourist flow.“Despite efforts to cut costs and revive foot traffic, David Jones’ profitability has waned,” says an IBISWorld industry report.
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