By Justin Pierce and Tim O’Shannassy

Acknowledgement

Background

This story is stranger than fiction.  A comedy or a delight for the tragedian, this story bends in tortuous paths and culminates in an horrific end.  Globally, the 1990s saw department stores in trouble and many retail department stores went their own way, rather than listen to reason (ANU, n.d.).  Brian Quinn established the so-called Coles Myer Limited “Battlestar Galactica”, in Tooronga, Victoria and used company financial resources to fund his own property development (Salmons, 1995).  Later gaoled and disgraced, Quinn’s legacy might have been a clue to highlight the leaky bucket and arrest the companies decline.  Later Myer Holdings Limited (Myer) executives tried in vain to move the focus into lower markets, whereas upmarket stores moved into Myer’s traditional market.  This was a recipe for financial performance disaster for Myer!

It is 6:00 AM in mid-July 2021 and the distant horizon rises with daylight hues and a flurry of frantic activity descends on Tullamarine Airport.  Steam billows from a long black against Acting Myer chairperson JoAnne Stephenson relatively cooler breath as she enjoys a morning coffee.  Pensive, she stares absently through the QANTAS lounge glass at engineers refuelling aircraft and a languid ground crew loading suitcases.  Like a ballet rehearsal she’d seen hundreds of times before, its details evanesce into the liquid arabesque of a bustling airport; after all, there is much else weighing on her mind.

Previous chairperson Garry Hounsell had been copping criticism from astute Myer shareholder and Chairman of Premier Investments Limited (Premier) Solomon Lew both in the press (e.g., Loussikian & Powell, 2019) as well as privately.  Lew, a seasoned retail executive, former Reserve Bank of Australia board member and former Coles Myer Limited chairman, is less-than-ashamed of his frustrations with Myer’s performance.  Lew now often tells Stephenson how to do her job and, as unhelpful as it has become in the current climate, Lew’s interruptions are wearing thin.  Stephenson has a tough job telling a positive story of Myer’s turnaround and often can see Lew making regular comment in The Australian Financial Review (AFR), drawing attention to weak Myer performance.  A further concern is that Myer has now experienced two strikes against its remuneration report (Khadem, 2018) and a third spill in future would be a dire outcome for the board!

The Nascent Myer Holdings Limited

Australians know Myer for its retail presence, its long and proud history as well as its special place in the community.  In the 1800s, Russian immigrant Sidney Myer (National Portrait Gallery, 2018) joined his brother, Elcon in Australia to open a department store in regional Victoria.  Success ensued and they expanded to become one of the largest store networks in Australia.  To begin with, a second store was opened in Bendigo, Victoria, followed by the iconic Bourke Street Emporium in the Melbourne central business district.

Elcon served in the Great War, while Sidney continued to build the empire.  Victorious, Elcon returned to become the Merchandise Manager in 1919, often taking sourcing trips overseas for products to sell in the stores.  The Myer family was strong and so the brothers’ values were to provide for their staff like a family would.  For example, they provided nursing and medical care as well as premises staff could rest at if they were travelling.  These ‘benefits’ were met with an ardent loyalty among staff and customers.  Myer was destined for success and in 1925 it listed on the then Melbourne Stock Exchange (National Museum Australia, n.d.).  But all was not so well externally.

Australian unemployment in the 1920s teetered between six and eleven per cent (Forster, 1985) as government-funded post-war infrastructure projects were cancelled.  In America, mass migration from the regions saw people searching for prosperity in metropolitan areas and investment there began to grow.  Meanwhile, the Australian Pound was pegged against the Pound Stirling, and both British and Australian exports were very expensive.  In September 1929, the New York Stock Exchange crashed, heralding the official start of the Great Depression (Gruen & Clark, 2009).  While the rest of the world fell into stagnation, the Myer brothers doubled down.

Myer continued its growth acquiring other department stores.  The strategy was to acquire minority stakes in target firms before gradually absorbing them into Myer stores.  Meanwhile, Myer’s organic growth exploded through developing its own properties and it became one of Australia’s major real estate forces.  Myer was not finished and in 1968, it acquired Lindsay’s Stores, rebranding (with permission from its American namesake) to Target Australia, which would become another of Australia’s much-loved discount department stores (Target Australia, 2020).

Around this time materialism was growing, as television ushered in a new era of consumer advertising.  Consumption increased and, bubbling away in the background, the US Advanced Research Projects Agency was working on a communications network.  By the early 1970s, the ARPANet had covered the US and by 1973 it was connected to Norway.  Over time, more and more devices were connected and by 1993, commercial access to what is now known as the Internet was gaining popularity (Science Museum of the UK, 2018).

From Little Things Big Things Grow

Myer’s acquisitions continued, with liquor business Crittendens, fast food outlet Red Rooster and department stores Grace Brothers being added to the portfolio.  In 1985 Myer merged with GJ Coles, forming Coles Myer Limited, cementing their place as Australia’s largest retailer.  Coles Myer enjoyed strong financial performance over the next twenty years.  Then the unthinkable happened when Myer’s performance within the Coles Myer portfolio began to deteriorate.  By 2006, Myer was sold to private equity for AUD $1.4 billion.

The early 2000s was a time for business to learn from expensive misadventures with technology.  The first of these was the millennial bug, followed by the so-called dot com bubble.  In the Australian landscape, the reaction was to reduce technological expenditure, which damaged competitiveness on an international footing.  Meanwhile, giants were sprouting, with Google, Amazon, eBay and other big corporate expanding their interests.

New Beginnings

Under new ownership, huge changes were afoot at Myer.  Bernie Brookes was appointed CEO, Jennifer Hawkins became the ‘face’ of Myer and it cleared old merchandise.  It established its own Myer One loyalty program and invested AUD $99 million in stock control and consumer insights.  These had an immediate impact, almost doubling the previous year’s EBIT to AUD $123 million.  Despite the shot in the arm, all was still not well.

In April 2007, several key executives resigned, and several high-profile brands defected to Myer’s main rival, David Jones.  By June, the Bourke Street store freehold was sold with Myer taking a 60-year leasehold.  This signalled the start of Myer’s real estate liquidation to help free capital to facilitate its turnaround.  Myer announced in 2009 that it would again list on the ASX and did so with an issue price of AUD $4.10.  By August of 2011, the share price had almost halved to AUD $2.09.  At the time of writing, Myer shares teetered around 33 cents.

The Bloody Battle Lines

Retailers distribute products and provide an in-store experience.  In physical stores, customers have multiple sensory experiences.  Lighting might be harsh or warm, sounds could be of busy, efficient operational staff or soft, relaxing sounds, and the scent could be a signature perfume to remind customers of the brand.  Retailers also bring a collection of products together that the customer would otherwise have to source themselves.

Retailers have a high cost of exit, as their liquid assets are in the form of inventory.  Inventory must be converted to cash to allow the business to run and is why retailers exhibit the sharpest contrast between current- and quick ratios.  Retailers also need to invest in distribution networks, branding and promotions.  Competition is made fierce mainly because retailers have trained their customers to buy only when products are on sale.  It results in competitors bringing forward promotions in a bid to ‘bank’ the sale.  Retailers have recently discovered their online store as the highest grossing (Udland, 2015).

Suppliers are generally located in clusters in emerging economies.  Low differentiation between factories leads many to seek endorsement from big name retailers (e.g., Gap) to demonstrate their quality credentials when bidding for more business.  As the emerging economies grow, supply costs increase, leading to contracts being awarded to even less developed economies, and much activity now occurs in Bangladesh, Pakistan and in South America (Obe, 2019).

Transparency indices expose working standards in developing countries and retailers are held to account for their ethical sourcing.  These ethics are Western ideals imposed on Eastern locales, where child labour, bribery and graft are often part of the prevailing culture.  Suppliers thus have little power since their operations are tied so tightly to foreign direct investment.  It is said that factories resort to unethical practices to stay in business (Kim, Colicchia & Menachof, 2016).

Another type of supplier are property trusts.  Shopping malls are generally built for two or three ‘destination’ retailers.  Destination retailers enjoy a much cheaper rent than smaller clientele that are charged a higher rate per square metre.  The Australian property market is one of the strongest in the world and landlords can demand high returns (Koehn, 2018).

Buyers have choice in the industry and very low switching costs.  Customers often price-match with their handheld device, demonstrating their price sensitivity, applying pressure on margins.  Buyers also have the option of buying from international retailers that tend to challenge service levels (Nalca, Ray & Boyaci, 2020).  Buyers are well informed and educated.  Research precedes purchases and buyers are protected in Australia by regulators at national and state level.  Still, buyers are continually lured back into stores for the newness factor and, especially where fashion is concerned.

Smaller entrants appear frequently, but larger footprint brands seldom enter the industry unless with large capital behind them.  Recently Kaufland decided not to enter the Australian grocery industry (Schlesinger & Evans, 2020).  Distribution and rental costs are significantly more expensive in Australia and its conservativism sees consumers spending more frugally.  The continual threat of informed and increasingly mobile consumers has created conditions for a race to the bottom.  Brand recognition is difficult to establish, requiring investment spread over multiple channels.  Several brands attempt to establish themselves, leaving consumers distracted (Davis, Rosner, D’Angelo, MacLellan & Milliken, 2019).

As a distribution channel, few substitutes exist for retail.  Online retailing is not a substitute for traditional retail since many industry incumbents have already adopted it.  However, as an experience, there are many substitutes.  Consumers can enjoy meeting places, social networks, education or satisfy their curiosity through travelling or Netflix.  Like retail, other experiences can be multi-sensory and alternatives can be in restaurants, personal care, entertainment and even social.

The Australian Context

At last, there is certainty on the UK’s exit from the European Union with Prime Minister Boris Johnson overseeing its final negotiations.  Meanwhile, in the throes of President Trump’s deglobalisation agenda, the US elected Joe Biden, who has signalled military withdrawal from Afghanistan.  While the US economic conditions remain strong, its social fabric must heal and rebuild relationships with key partners.  Elsewhere, unresolved trade tensions simmer, trading blocs reconfigure, and the World Bank dispute resolution process is under revision.

In Australia the left–right dichotomy is not as pronounced, but the political battleground is nonetheless fought on a balance between worker rights and commercial innovation.  In late 2019, a new coronavirus emerged from Wuhan, the capital of Chinese province, Huabei.  Believed to have crossed from pangolins to humans in a wet market, the originally named nCov-2019 virus is now known as sudden acute respiratory syndrome coronavirus 2 (SARS-CoV-2) (WHO, 2021) and causes coronavirus disease (CoViD-19).  The outbreak of SARS-CoV2 caused the World Health Organization [sic.] (WHO) to declare a global pandemic and governments around the world have reacted to public health advice by limiting the movement of citizens.

Historically low interest rates of 0.1% (RBA, 2021) demonstrates concern the Reserve Bank board has for low inflation.  Conditions have lured investors into the equity markets (Letts, 2019) and the Australian Securities Exchange (ASX) breached 7500 points in June 2021 (MarketIndex, 2021), its best level ever.  Capital flowing into the equity markets is good for business and the unemployment rate remains steady, hovering at 5% (ABS, 2021).  Yet, an already heated housing market roars on, driving household debt even higher (Karp, 2021).  The mining and construction industries that drive Australia’s economic prosperity result in GDP of USD $55,000 per capita.

Australia’s economy relies on mining, construction, tourism, education, and retail (Austrade, 2021).  The corporate tax rate is 30%, while around the world the rate is being reduced to attract corporate investment (Tax Foundation, 2020).  Personal tax rates vary with the level of income and are among the highest in the world.  This helps to fund government projects, but also limits disposable income among taxpayers, who concentrate their efforts on rising living expenses, rent and education.  While limiting citizen movement, the Australian government responded with stimulus payments (e.g., JobKeeper) to ensure social cohesion and abate an economic downturn, and this stimulus has helped retail (Knight, 2021).

Housing continues to dominate household expenditure (AIHW, 2020).  Australians opt to pay down mortgages or spend their disposable income on experiences rather than material goods (ibid.).  Wealth is concentrated among the Baby Boomers and Generation X.  Disposable income is concentrated among those who have so far not ventured into home ownership.  Marriage and birth rates occur later and later, in step with economic conditions. Car ownership is in decline as more and more people flock to the cities to live (Trounson, 2017).

In Australia there are 117,000 homeless persons (Homelessness in Australia, n.d.), ranking Australia 17th in the world.  Homelessness coincides with disadvantage, familial breakdown, violence, and mental health epidemiology.  Mental health and preventable disease have replaced infection as the most common illnesses and yet Australians are living and working longer.  Where once 18 marked the start of adulthood, full maturity is now considered age 27 or 28 (Beck, 2016), which is often when younger Australians leave their parent’s home.

In response to the CoViD-19 pandemic, Australian States and Territories introduced staged lockdowns and hotel quarantine while a vaccine could be developed (Saul, Scott, Crabb, Majumdar, Coghlan & Hellard, 2020).  Restrictions were strictest in Victoria where it endured through 112 days lockdown in 2020.  Mental health concerns rose sharply where children were home-schooled, and people telecommuted from home.  Singles became more isolated and many developed post-traumatic stress disorder (PTSD) from forced restrictions (Abbott, 2021).  Victorian Premier Dan Andrews fronted a morning news conference for over 100 straight days to communicate the public health response (Ilanbey, 2020).

Computing power has spurred technologists and businesspeople to embrace commercial Internet and technological prevalence is ubiquitous (Armental, 2020).  Computing power that in the 1970s would consume the size of the average car is in the 2020s carried around in the hand.  Interfaces have evolved and where once complex keyboard commands were required, a computer is commanded with the swipe of one’s fingers and their voice (Butt, 2019).

Business intelligence is the name given to finding value in vast amounts of data captured by the modern enterprise.  It is buoyed by advances in machine learning and artificial intelligence that can anticipate patterns for business managers (Pratt & Fruhlinger, 2019).  Digital assistants help with day-to-day tasks like shopping lists, appointments, and entertainment (Waters, 2016).  Geographic information systems (GIS) enable businesses to pinpoint delivery locations and match customers with specific offerings (Howari & Ghrefat, 2021).  They are often linked to customer relationships management (CRM) systems, product lifecycle management (PLM) and other enterprise systems in a coordinated effort to increase business throughput, improving efficiency and allowing businesses to do more with less (Møller, Kræmmergaard & Rikhardsson, 2006).

Australia’s land mass is almost 8 million square kilometres.  Much of it is uninhabitable with little rainfall and inhabitation tends toward the outer regions.  Drought forces water conservation efforts and the effects of ocean currents—the Indian Ocean dipole and the ElNiño Southern Oscillation—result in periods of cyclonic activity in the tropics and cold conditions in the south.  Particularly in the south-east, Australia is often affected by Antarctic wind, spurred by the Roaring 40s that combine to create the so-called ‘wind chill factor’ and can make Australian winters feel particularly cold (DAWE, 2019).

Imported goods must be land-shipped after they are sea-fared and Australia’s land mass results in very high distribution costs (D’Arcy, Norman & Shan, 2012).  In response, some businesses ship to multiple ports to achieve economies of scope.  Issues in the environmental sector include logging of natural rainforests, irrigation of the Murray and Darling rivers, soil salinity, nuclear waste and, growing concern about climate change: Australia is often highlighted as the highest emitter of carbon dioxide per capita in the world (Cousins, 2005).

Australia is a constitutional monarchy, headed by Elizabeth II, Queen of Australia whose ceremonial role and executive powers are implemented by her representative His Excellency General the Honourable David Hurley.  Australia is a federation of states, meaning that power is distributed among the states and territories as well as the federal government.  The High Court arbitrates on constitutional matters, effectively reducing the regent’s role to a purely ceremonial one (Parliament of Australia, n.d.).  Since the 1970s, Australia has seen an increase in the liberalisation of its markets, resulting in freer capital flow inside and outside its borders, greater prosperity and lower unemployment.  Although markets should run their own course, the government realises their imperfections, having set up several bodies to help regulate the freer economy (Murtough, Pearson & Wreford, 1998).

Some of these include the Australian Competition & Consumer Commission (ACCC), the Australian Securities & Investments Commission (ASIC), the Australian Foreign Investment Review (AFIR) board, the Australian Prudential Regulation Authority (APRA), to which Australian businesses are generally accountable.  The agenda for regulatory bodies is to increase transparency, competition and innovation within Australian businesses and make Australia a safe and attractive place for foreign direct investment.  Legal activity appears to centre on conduct of businesspeople and on protecting working conditions, where the Australian union movement attempts to cling onto relevance (McCauley, 2018).  Legal sanctions on company directors continues to mount in a trend that can be seen to mimic the litigant appetite of the US.  The trend is marked by searching for a root cause and then holding that cause to account, whatever or whomsoever it may be.

Myer’s Performance

Myer operates 60 department stores across Australia as well as one of Australia’s largest online retail sites, myer.com.au, aiming to be Australia’s favourite department store (Myer, 2020).  Myer offers womenswear, menswear, childrenswear, beauty, homewares, electrical goods, toys, and general merchandise.  Although Myer planned to add 90 brands in the lead up to 2020, the CoViD-19 pandemic thwarted those efforts and it was necessary to focus on consolidating the online store (ibid.).

Myer refreshed its board in 2018 with new talent including Lyndsey Cattermole AM, an IT entrepreneur and Jacques Naylor, a seasoned retailer (Myer, 2019).  The board as it stands is capitalising on the extensive set of retail, branded fashion, and marketing skills it amassed in late 2018, cementing with the appointment of new CEO, John King.

Before the CoViD-19 pandemic, Myer was already on the ropes, needing to reset operations, reinventing its business model in the wake of technological change and demanding customers.  Since Myer was refloated, there have been multiple staff departures and new appointments to keep traditional retailing alive.  During FY19 Myer allowed smaller merchandise businesses to sign-up to use Myer’s distribution channels.  Myer thus hoped to capitalise on its technological investment and to create an additional revenue stream.  In FY20, another project known as Factory to Customer saw Myer offer drop-shipping and signed up Australia Post third-party logistics (3PL) to deliver on its promise.

Financial performance for the group for FY20 (Myer, 2020) were as follows:

Table 1: Statement of Financial Performance

The Myer balance sheet highlights are as follows:

Table 2: Statement of Financial Position

Table 1 shows Myer total sales has deteriorated over the three-year period with a dip in EBIT in 2020 (Myer, 2020). This contrasts with rival Premier which has delivered 10 consecutive years of earnings and dividend growth. Premier performance shows that retail can be profitable if executed well – Solomon Lew continues to demonstrate high level retail expertise to investors while Myer struggles (Greenblat, 2021; Knight, 2021).

In FY19, Myer boasted five million members of its Myer One loyalty program (2019), that helps it to track and identify spending patterns.  After withdrawing from the Coles Group Fly Buys program, Myer One was important for Myer as it provided a means of locking loyal customers into the department store by generating individual promotions to customers.  Myer still uses traditional media, such as television and newspaper to keep brand awareness.  Myer associates itself with the fashion elite and thus uses fashion icons as brand spokespeople, currently Elyse Knowles Kris Smith, Rachael Finch and Sarsha Chisholm.  It continues to sponsor the Birdcage at the Melbourne Cup carnival, ensuring the invitation list includes Australian and international a-list guests to improve the exclusive view of the brand.

The jingle “Myer is my store” has been in use for fifteen years, communicating that shopping in Myer stores is personalised where customers will get the very best service.  In addition to physical stores, Myer was slow to move on the online channel, and was forced to play catchup while several aggregator sites established a foothold.  Myer now boasts pleasing search engine optimisation (SEO) scores where it lands among the top results in many searches.

Myer employs a range of professionals from sourcing specialists, through branding and human resources to finance and, finally, frontline workers.  The pandemic saw Myer close all its 60 physical stores and stand down all its customer-facing staff (Myer, 2020).  Myer needs to focus on customers first with impeccable presentation and efficiency.  Thus, when not stood down, frontline staff carry a capability of product knowledge as well as exceptional service, complex promotional knowledge, and personification of the Myer brand.  Since service levels may vary from outlet to outlet, there are standards that Myer must uphold, and it audits these standards with the use of ‘mystery shoppers’ who report on service levels.  Training and development is an important consideration and Myer continues to invest in product training as well as security and operational training for its staff.

The early days demonstrated a family orientation where the Myer family provided lodgings as well as medical benefits to its staff.  These benefits commanded a fierce sense of loyalty that has waned in recent times as Myer scaled back on the benefits, in response to toughening financial conditions and standing down staff (Myer, 2020).  In the support office, capability is held in identifying desired brands, negotiating deals with designers, and managing the business.  This includes risk management, logistics and supply chain, quality control, and governance.

Operationally, Myer has set about exiting many of its non-profitable brands, including Apple, which typically has a 3% margin for retailers.  It has made improvements to its retail management system by introducing new technology called Myer Product Enrichment Portal, that aims to simplify the process of registering a product through to having it available for sale.  It has also invested in technology with its trial of radiofrequency identification (RFID) tags that will allow Myer to more closely track its inventory and allow more accurate stocktake activities and monitor stock shrinkage in real time.  A sourcing office is held in Hong Kong where international brand negotiations are often held and where quality assurance observations take place (Myer, 2020).  Beyond this, distribution and inventory control are major operational capabilities that Myer possesses.  Linked to this are the security of its staff and merchandise, investment in technology and risk management

The Final Word

Flight QF472 is called for boarding and Myer Acting Chairperson JoAnne Stephenson feels a sharp twang of nervousness descend.  Her ankles ache as she stumbles into an awkward stride, heavy brief case on rollers trailing.  She smiles sadly at the steward who greets her and settles into Business Class, watching the boarding throng race before her, blissfully unaware of the turmoil that awaits her arrival in Sydney.  It’s going to be a long day and Solly Lew will be watching!

The Myer board and executive confront several strategy challenges:

• CEO and board of director performance, with the risk of a spill of the board at the next Annual General Meeting
• Weak sales and profit performance relative to key rival Premier
• Unhappy shareholders
• A mixed portfolio of profitable and unprofitable brands that needs to be managed
• Number of physical stores to hold
• Adjustment of the business model to the CoViD-19 pandemic
• Leveraging the value of the Myer One program

What strategy moves should Stephenson and the executive group led by King at Myer make to improve performance and appease shareholders?

References

Abbott, A. (2021) ‘CoViD’s Mental-Health Toll: How Scientists are Tracking a Surge in Depression’, Nature, 3 February 2021, [online] https://www.nature.com/articles/d41586-021-00175-z, accessed 14 June 2021.

Anon (19 February 1938) Mr. Elcon Myer [sic.], Advocate (Obituaries) p.2.

Armental, M. (2020) ‘PC Demand During Pandemic Fuels Strongest U.S. [sic.] Market Growth in a Decade’, Wall Street Journal, 12 October 2020 [online] https://www.wsj.com/articles/pc-demand-during-pandemic-drives-strongest-u-smarket-growth-in-a-decade-11602537956, accessed 14 June 2021.

Austrade (2021) ‘Why Australia: Benchmark Report 2021’ [online] https://www.austrade.gov.au/benchmark-report/resilient-economy, accessed 14 June 2021.

Australian Bureau of Statistics (ABS) (2021) ‘Unemployment Rate Falls to 5.5% in April’, [Media Release] 20 May 2021 [online] https://www.abs.gov.au/media-centre/mediareleases/unemployment-rate-falls-55-april, accessed 14 June 2021.

Australian Institute of Health & Welfare (AIHW) (2020) ‘Housing Affordability’, [report] 7 August 2020 [online] https://www.aihw.gov.au/reports/australias-welfare/housingaffordability, accessed 14 June 2021.

Australian National University (ANU) (n.d.) ‘Department Stores: High Street Dreams’, [online] https://archives.anu.edu.au/exhibitions/high-street-dreams/departmentstores, accessed 14 June 2021.

Beck, J. (2016) ‘When Are You Really an Adult?’, The Atlantic, 5 January 2016 [online] https://www.theatlantic.com/health/archive/2016/01/when-are-you-really-anadult/422487/, accessed 14 June 2021.

Butt, Y. (2019) ‘Intelligent Interfaces’ Deloitte Tech Trends 2019: Beyond the Digital Frontier, [online] https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/technology/deloitt e-uk-tech-trends-2019-chapter5-intelligent-interfaces.pdf, accessed 14 June 2021.

Cousins, S. (2005) ‘Contemporary Australia: Environmental Issues’, ABC, [online] https://www.abc.net.au/ra/australia/pdf/environmental.pdf, accessed 14 June 2021.

D’Arcy, P., Norman, D. & Shan, S. (2012) ‘Costs and Margins in the Retail Supply Chain’, Reserve Bank of Australia Bulletin, [online] https://www.rba.gov.au/publications/bulletin/2012/jun/2.html, accessed 14 June 2021.

Davis, H., Rosner, T.M., D’Angelo, M.C. et al. Psychological Research (2019) https://doi.org/10.1007/s00426-019-01153-x.

Department of Agriculture, Water and the Environment (DAWE) (2019) ‘Wind Chill’, [online] https://www.antarctica.gov.au/about-antarctica/weather-and-climate/weather/windchill/, last updated 6 June 2019, accessed 14 June 2021.

Forster, C. (1985) ‘Unemployment and Minimum Wages in Australia, 1900-1930’, The Journal of Economic History, 45(2), pp. 383-388.

Greenblat, E. (2022) ‘Premier set to double profits as sales shine’, The Weekend Australian, 12-13 June, p. 25.

Gruen, D. & Clark, C. (2009) ‘What Have We Learned? The Great Depression in Australia from the Perspective of Today’, Department of Treasury [online] https://treasury.gov.au/sites/default/files/2019-03/03_Colin_Clark_speech.pdf, accessed 15 February 2020.

Homelessness in Australia (n.d.) https://www.homelessnessaustralia.org.au/fact-sheets, accessed 15 February 2020.

Howari, F.M. & Ghrefat, H. (2021) ‘Geographic Information Systems’, chapter 4 in Pollution Assessment for Sustainable Practices in Applied Sciences and Engineering, Mohamed, A-M.O., Paleologos, E.K. & Howari, F.M. (eds.), Butterworth-Heinemann, Oxford, UK.

Ilanbey, S. (2020) ‘One Hundred Days of Dan’s Pressers: What Did Victorians Really Learn?’, The Age, 9 October 2020 [online] https://www.theage.com.au/politics/victoria/onehundred-days-of-dan-how-the-victorian-premier-talked-over-heads-of-the-journalists20201009-p563m4.html, accessed 14 June 2021.

Karp, P. (2021) ‘RBA Reluctant to Raise Interest Rates to Ease Soaring House Prices Because it Could Cost Jobs’, The Guardian, 6 May 2021 [online] https://www.theguardian.com/australia-news/2021/may/06/rba-reluctant-to-raiseinterest-rates-to-ease-soaring-house-prices-because-it-could-cost-jobs, accessed 14 June 2021.

Khadem, N. (2018) ‘Myer suffers second strike on pay, but avoids board spill, despite Lew’s “vindictive campaign”’, ABC News, 30 November 2018 [online] https://www.abc.net.au/news/2018-11-30/myer-suffers-second-strike-on-pay-postvindictive-campaign/10572076, accessed 15 February 2020.

Kim, S., Colicchia, C. & Menachof, D. (2016) ‘Ethical Sourcing: An Analysis of the Literature and Implications for Future Research’, Journal of Business Ethics, 152(5), pp.1033-52.

Koehn, E. (2018) ‘“Nobody can do it”: Small retailers say they can’t make high Sydney rents work, as landlords show no mercy’, Smart Company, 12 February 2018 [online] https://www.smartcompany.com.au/industries/retail/nobody-can-do-it-retailersreport-high-sydney-rents-are-not-budging-despite-countless-empty-shopfronts/, accessed 15 February 2020.

Knight, E. (2021) “Where’s Solly? Lew’s gone quiet on Myer, but he’s not gone away”, The Sydney Morning Herald, 4 March 2021, [online] https://www.smh.com.au/business/companies/where-s-solly-lew-s-gone-quiet-onmyer-but-he-s-not-gone-away-20210304-p577ui.html

Letts, S. (2019) ‘Bank Deposits are Being Eroded by Inflation as Banks Continue to Slash Rates’, ABC News, 17 October 2019, [online] https://www.abc.net.au/news/2019-1017/bank-deposits-eroded-by-inflation-as-banks-continue-slash-rates/11607348, accessed 14 June 2021.

Loussikian, K. & Powell, D. (2019) ‘Solomon Lew takes aim at Myer over pay, board posts’, Sydney Morning Herald, October 28 2019 [online] https://www.smh.com.au/business/companies/solomon-lew-takes-aim-at-myer-overpay-board-posts-20191028-p5350t.html, accessed 15 February 2020.

MarketIndex (2021) ‘All Ordinaries Chart’ [online] https://www.marketindex.com.au/allordinaries, last updated 11 June 2021, accessed 14 June 2021.

McCauly, D. (2018) ‘Employers Say Unions are Irrelevant After Latest Membership Decline’, Sydney Morning Herald, 29 November 2018 [online] https://www.smh.com.au/politics/federal/employers-say-unions-are-irrelevant-afterlatest-membership-decline-20181129-p50j5h.html, accessed 14 June 2021.

Møller, C., Kræmmergaard, P. & Rikhardsson, P. (2006) ‘The Emergence of Enterprise Systems Management: A Challenge to the IS Curriculum’, International Journal of Information and Operations Management Education, 1(4), http://dx.doi.org/10.1504/IJIOME.2006.010497.

Murtough, G., Pearson, K. & Wreford, P. (1998) ‘Trade Liberalisation and Earnings Distribution in Australia’, Productivity Commission: Industry Commission Staff Research Paper, February 1998 [online] https://www.pc.gov.au/research/supporting/trade-liberalisation/tradelib.pdf, accessed 14 June 2021.

Myer Holdings Limited (2019) Annual Report, [online] http://investor.myer.com.au/FormBuilder/_Resource/_module/dGngnzELxUikQxL5gb 1cgA/file/Myer_Annual_Report_2019.pdf, accessed 15 February 2020.

Myer Holdings Limited (2020) Annual Report, [online] https://investor.myer.com.au/FormBuilder/_Resource/_module/dGngnzELxUikQxL5g b1cgA/file/Myer_Annual_Report_2020.pdf, accessed 10 June 2021.

Nalca A., Ray S., Boyaci T. (2020) Price-Matching Strategy: Implications of Consumer Behavior and Channel Structure. In: Ray S., Yin S. (eds) Channel Strategies and Marketing Mix in a Connected World. Springer Series in Supply Chain Management, vol 9. Springer, Cham.

National Museum Australia (n.d.) First Stock Exchange [online] https://www.nma.gov.au/defining-moments/resources/first-stock-exchange, accessed 15 February 2020.

National Portrait Gallery (2018) Sidney Myer [online] https://www.portrait.gov.au/people/sidney-myer-1878, accessed 15 February 2020.

Reserve Bank of Australia (RBA) (2021) ‘Cash Rate Target’, [online] https://www.rba.gov.au/statistics/cash-rate/, last updated 2 June 2021, accessed 14 June 2021.

Obe, M. (2019) ‘Pakistan garment makers chase rivals in India and Bangladesh’, Nikkei Asian Review 25 August 2019 [online] https://asia.nikkei.com/Business/Businesstrends/Pakistan-garment-makers-chase-rivals-in-India-and-Bangladesh, accessed 15 February 2020.

Parliament of Australia (n.d.) ‘Infosheet 20: The Australian System of Government’, [online] https://www.aph.gov.au/About_Parliament/House_of_Representatives/Powers_pract ice_and_procedure/00_-_Infosheets/Infosheet_20_-_The_Australian_system_of_government, accessed 14 June 2021.

Pratt, M. & Fruhlinger, J. (2019) ‘What is Business Intelligence?  Transforming Data into Business Insights’, CIO Australia, 16 October 2019 [online] https://www.cio.com/article/2439504/business-intelligence-definition-andsolutions.html, accessed 14 June 2021.

Salmons, R. (1995) ‘Coles Myer Boss Claims He’s the Victim in Fraud Charges’, Australian Financial Review, 30 March 1995 [online] https://www.afr.com/politics/coles-myerboss-claims-hes-the-victim-in-fraud-charges-19950330-k6c16, accessed 14 June 2021.

Saul, A., Scott, N. Crabb, B.S., Majumdar, S.S., Coghlan, B & Hellard, M.E. (2020) ‘Impact of Victoria’s Stage 3 Lockdown on CoViD-19 Case Numbers’, Medical Journal of Australia, 213(11), pp.494-6.

Schlesinger, L. & Evans, S. (2020) ‘Kaufland exit leaves $600m property portfolio in limbo’, Australian Financial Review, 23 January 2020 [online] https://www.afr.com/property/commercial/kaufland-exit-leaves-600m-propertyportfolio-in-limbo-20200123-p53tzj, accessed 15 February.

Science Museum of the UK (2018) ‘From ARPANet to the Internet’, [online] https://www.sciencemuseum.org.uk/objects-and-stories/arpanet-internet, last updated 2 November 2018, accessed 15 February 2020.

Target Australia Pty Ltd (2020) ‘Our History’ [online] https://www.target.com.au/company/about-us/our-history, accessed 15 February 2020.

Tax Foundation (2020) ‘Corporate Tax Rates Around the World’, [report] 9 December 2020, [online] https://taxfoundation.org/publications/corporate-tax-rates-around-theworld/, accessed 14 June 2021.

Trounson, A. (2017) ‘Australia’s Generational Wealth Divide is Biting’, [report] 14 December 2017 [online] https://fbe.unimelb.edu.au/newsroom/search?rootnode=2594402&queries_search_q uery_posted=&queries_search_query_posted=&queries_keywords_query=Australia% 27s+generational, accessed 14 June 2021.

Udland, M. (2015) ‘Here’s a Simple Explanation for Why the Retail Business is just Brutal’, Business Insider Australia [online] https://www.businessinsider.com.au/why-retail-isa-hard-business-2015-11?r=US&IR=T, last updated 13 November 2015, accessed 15 February 2020.

Waters, R. (2016) ‘Siri, Alexa, Cortana and the Unstoppable Rise of the Digital Assistant’, Australian Financial Review, 25 September 2016 [online] https://www.afr.com/technology/siri-alexa-cortana-and-the-unstoppable-rise-of-thedigital-assistant-20160925-grnxvj, accessed 14 June 2021.

World Health Organization [sic.] (WHO) (2021) ‘Naming the Coronavirus Disease (COVID-19) [sic.] and the Virus that Causes It’, [online] https://www.who.int/emergencies/diseases/novel-coronavirus-2019/technicalguidance/naming-the-coronavirus-disease-(covid-2019)-and-the-virus-that-causes-it, accessed 13 June 2021.