Myer’s Share Price Bounces Back Thanks to New Strategy

After consistently dropping in share value, Myer Holdings Ltd [ASX:MYR] was facing struggles in its business practice and customer relevance.

Myer was hoping its new CEO and Managing Director, John King, would be able to help counter the share decline.

By today’s share increase of 2.17%, it appears he is already beginning to make an impact.

Myer put out a media release on its website, which displayed statements from John King himself.

In his statement, John King came out saying that Myer needs to put the customer first in every decision they make.

How CEO John King plans to steer Myer into safer waters

John King feels that in every decision Myer makes, it must put the customers first.

He stated that his main focus in all retail roles has always been the customer and their needs.

King has taken the time to spend two days every week in stores, while actually serving the customers himself.

This will help him develop a clearer focus on what needs to be focused on in the customer service aspect.

He stated in the report:

With Myer team members, brand partners and suppliers, I will ensure we’re providing customers with the service, brands and products they want, and expect, from Myer; whether that be in store or online.

King has great confidence that Myer can turn its situation around, while rebuilding pride and relevance into the brand.

Its share growth stems from King’s intervention and Myer’s recent developments.

Myer opening its Hobart store, shows that it is keen to grow its brand while maintaining its exposure as much as possible.

The store takes up more than 12,500 square metres, and features five floors of fashion, home appliances and entertainment with plenty of brands.

King will continue analysing the stores, while implementing his customer strategies.

After all the trouble Myer has gone through recently, with King as new CEO, and already a rise in share price, it should be interesting to see what the future now has in store for Myer.


Ryan Clarkson-Ledward,
For Money Morning

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Ryan Clarkson-Ledward is an Editor at Money Morning.

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