Myer

Well, ho, ho, ho. Talk about Christmas spirit. The big department stores are accused of exploiting Christmas by charging more than $20 for a photo with Santa.

I, for one, think it’s an excellent idea. Well, they’ve got to do something to make a buck with all those Judases buying cheap stuff online.

In fact, I think they should take this marvellous measure even further…

Continue reading "Christmas takings are more important than giving" »

I arrive at The Press Club on Flinders Street a little early. It’s booked solid. Another noisy night. Kara leads me to one of the quieter tables around the corner. Water will be fine, thank you.

Remarkable to think this was once the headquarters of the mighty Herald and Weekly Times. Newsroom into luxury apartments, print shop into cellar bar, foyer into modern Greek restaurant. Marvelous what you can do with some Kalamata olives and Feta drizzled with a hit television series and a celebrity chef.

Bernie Brookes makes his way to my table. The chief of Myer Holdings is all smiles. Always is. The perils of more than 30 years in retail. The last few herding shareholders. The shoulders of his dark suit are a little stooped.

Continue reading "It’ll take more than free shipping to keep customers" »

Kohlberg Kravis Roberts, Texas Pacific, Blackstone, CVC, Carlyle, Pacific Equity Partners, Apollo.

Until two years ago, these fearsome private equity predators stalked the planet, preying on the weak and growing fat. National icons trembled before them.

In Australia, they devoured Myer, Bonds, Harvey World Travel, Repco, Cleanaway, the Nine Network and half of Seven. They almost got Coles and, most spectacularly, Qantas. Overseas, household names such as Chrysler, Reader’s Digest, Burger King, Toys-R-Us, Tommy Hilfiger and Madame Tussauds fell to the private equity money men. (Some have since escaped.)

Continue reading "Beware, the barbarians are back at the gate" »