Myer’s Brisbane CBD Store Lease Renewal in Doubt

Time Stamp: March 16, 2023 6:39 AM
Source Node: 2517865

The Myer department store in Brisbane’s Central Business District (CBD) is facing an uncertain future, with its lease renewal in doubt. The iconic store has been a staple of the city’s shopping scene for over a century, but its future is now in question due to a dispute between the landlord and Myer.

The dispute began when the landlord, GPT Group, proposed a rent increase of almost 50%. Myer argued that the increase was too high and that it would be unable to afford the new rent. GPT countered that the increase was necessary to cover the costs of maintaining the building and that Myer had not been paying a fair market rate for the space.

The situation has been further complicated by the fact that Myer’s lease is due to expire in 2021. This means that if the dispute is not resolved soon, Myer may be forced to close its doors. This would be a significant blow to the local economy, as Myer employs over 500 people in the city and is a major contributor to the local retail sector.

The dispute has also raised questions about the future of retail in Brisbane’s CBD. With online shopping becoming increasingly popular, many retailers are struggling to keep up with changing consumer habits. This has led to a number of stores closing their doors in recent years, and it is feared that Myer may be next.

The situation is being closely monitored by both sides, and it is hoped that a resolution can be reached soon. In the meantime, locals are encouraged to continue to support Myer and other local retailers in order to ensure that the city’s retail sector remains vibrant and successful.