Myer Holdings Limited
(ASX:MYR) says it won’t sign up to a new online shopping mall set up by Westfield.
Myer boss Bernie Brookes speaking after the company’s annual meeting in Melbourne, played down any benefits of the new Westfield site, which is expected to carry 100,000 products from its shopping centre retailers.
Mr Brookes argued it would only serve to weaken earnings for tenants and potentially push up prices for customers.
He says he’s concerned about Myer’s ability to control its own digital future if it hands over parts of its online presence to a third party.
Myer generated a full year net profit of $130 million in fiscal 2013.
