Myer has flagged up to $20mn in rent savings from landlords over the next two years as it follows rival David Jones in trying to extract itself from underperforming leases. Myer has closed 29,000m² of floor space since July 2018 and said it was in discussions with landlords to shed a further 5% to 10% of its network - between 50,000m² and 100,000m² of space.

Myer would focus on creating smaller, more efficient stores. David Jones has also flagged a "more aggressive" approach in negotiations with landlords, aiming to reduce floor space 20% by 2026. Myer posted a profit of $24.5mn for the year ended 30 June, 2019, following a loss of $486mn in FY18, by reducing costs and improving efficiencies. However, total sales were down 3.5% to $2.99bn and comparable store sales decreased 1.3% excluding sales in Apple products, after exiting the partnership in May. The online business has now become Myer’s largest store, with sales up 25.6% to $262.3mn. Digital sales (online sales and sales via in-store iPads) were up 21.9% to $292.1mn, now representing 9.8% of total sales.