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Australian Ports Threatening Myer’s Merry Xmas

As we reported yesterday, the global shipping crisis is hitting Australian retailers and manufacturers particularly hard, as mass bottlenecks, ships bypassing the country’s ports altogether, and weeks-long delays making this particularly a very unmerry Christmas.

Myer chief executive John King has used the company’s drama-fuelled annual general meeting yesterday to take shots at our nation’s ports, voicing concern that container ship rates have jumped seven-fold in price since the start of the pandemic.

King also pointed out that our ports are considered among the very worst in the world, and that these issues will continue well into 2022.

“We are watching closely and we are concerned about what is happening in terms of container ships and I think at the ports it’s a problem that will continue well into next year,” King said.

Despite this, both King and board chair JoAnne Stephenson assured that Myer would have enough stock through Christmas, due to relying less on imports than other retailers; Stephenson notes sales were up 35 per cent in the fortnight following the end of NSW lockdowns.

Sales at Myer’s various flagship CBD locations, however, “remain subdued.”

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