Myer announces it is shutting up shop at Brisbane’s Queen St Mall

The company informed the mall’s owner, Vicinity Centres, on Thursday that it is unable to renew its lease and will cease trading at the centre at the end of July 2023.

Myer CEO John King stated that the store was unable to negotiate a reasonable commercial outcome with Vicinity Centres. The closure comes after Myer announced a super-sized profit on record half-yearly sales growth of 24 per cent.

Despite this, Mr King remains cautious about the company’s outlook, citing concerns about the economy’s slower growth path. Myer is exploring options for an alternative site and will provide redeployment options within the business and surrounding stores for its team members where possible.

“Vicinity and ISPT were investigating a number of options for the centre including a downsized contemporary department store and plans without a department store which we can now progress with certainty,” Vicinity Centres said in a statement.

“We look forward to delivering a re-imagined destination in the heart of Brisbane’s evolving CBD and anticipate sharing our plans shortly.

“In the meantime, the centre will continue to offer the growing number of visitors, locals and CBD workers a diverse mix of retail, dining and entertainment options with no impact to public transport or carpark access.”

Shoppers described the closure as an “end of an era”.

The closure presents an opportunity for the centre’s owners to re-imagine the premier retail space, with the Brisbane 2032 Olympic and Paralympic Games on the horizon.

“The Myer Centre once had live music on its lower levels as well as a fun park at the top and has always evolved and moved with the times,” Brisbane Lord Mayor Adrian Schrinner said.

“I think this is a fantastic opportunity for the centre to be reinvigorated into a vibrant, modern retail experience for residents and visitors and I look forward to working with the owners on their future plans.”