A leading Australian university is earmarked to fill a Myer-shaped hole in Brisbane’s CBD after the department store announced its closure this month.
The retailer has occupied the Myer Centre on Queen St since 1988 and is currently the city’s largest store.
But later this year, it will finally close its doors.
The Courier Mail reports Griffith University, which urgently needs up to 15,000 square metres of space, may move in as a “stopgap”, according to industry sources.
Sources also speculated that a redevelopment of the 1.274ha space could be on the cards.
Myer informed the mall’s owner, Vicinity Centres, on March 16 that it cannot renew its lease and will cease trading at the centre at the end of July 2023.
Myer, the largest store in Brisbane’s CBD, will close its doors later this year after being unable to renew its lease at the Myer Centre on Queen St with owner Vicinity Centres. Picture: Richard Walker
Myer CEO John King stated that the store could not 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.
Griffith University may move in as a ‘stopgap’ to fill the space, as it urgently needs up to 15,000 square metres of space, according to industry sources. Picture: Richard Walker
“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.”
Brisbane’s Lord Mayor sees the closure as a “fantastic opportunity” to reinvigorate the centre into a vibrant, modern retail experience for residents and visitors, leading into the Brisbane 2032 Olympic and Paralympic Games.
Brisbane’s Lord Mayor Adrian Schrinner said the move opened up a “fantastic opportunity” leading into the Brisbane 2032 Olympic and Paralympic Games.
More Coverage
End of era as Myer exits CBD
Iconic department store to shut down
“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,” he 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.”
Read related topics:Brisbane