Retail in Asia

In Trends

Myer foresees tenfold rise in online sales

Australian department store owner Myer will close some stores in coming years as more of its customers buy products online.

Bernie Brookes, Myer CEO, says less than 1 percent of his company’s sales are online, but he expects that figure to increase to 10 percent within five years.

That means he will close some "non-performing" or "marginal" stores before they become unprofitable, he told the ABC’s Inside Business program on Sunday.