Based on recovered turnover in the past two months, Myer’s exiting chief executive John King, says Black Friday will be massive and might even outdo Christmas this year.
According to their financials, the Solomon Lew-backed department store sales fell 0.9%, and trading has been down 0.2% through the last seven weeks 0.2%, tapering from a 1.9% drop over the first six weeks.
During a Myer meeting, King told investors that the department store’s festive Bourke Street holiday windows may increase in-store foot traffic, which could lift sales.
“We are well-placed for the Christmas peak. More importantly, the Black Friday peak, which, we believe, will be probably even bigger than Christmas. We’ve developed strong plans across the in-store. Our exciting new Christmas campaign is now launched and set up superbly. Every store is ready. There is plenty of stock ready to go,” King said.
After the RBA raised the cash rate to 4.35%, retailers are anxious, especially when households are cutting costs.
Respondents of a new survey by the Australian Retailers Association and Roy Morgan uncovered that 30% of consumers will reduce their Christmas spending next month while 61% will look to spend the same, but only 9% will spend more.
It’s predicted that Aussie holiday spending will be around $67.1 billion this holiday period, up slightly by 0.6% in 2022.
Nevertheless, Black Friday revenue is forecasted to reach a new high of $6.36 billion over the four-day of the spending bonanza, up 3% on last year.
