Myer Business Analysis

Myer has a long term competitive advantage as they have increase various aspects of their business. They have implemented a new strategy to ensure progression in the business. Sales in the business grew 2.9% to $3.289.6 million (Myer Annual report 2016), which shows that they have the potential to increase their firm and build. Myer has various competitors ranging from independent stored to chains to other department stores. However, the only real substantial competitor they have it David Jones. There is great advantage in being a department store as it creates efficiency and effectiveness for consumers when they are shopping. Myer is a large organisation that is also costly to imitate, rental alone for period ending 30 July 2016 was over $233 million. The size and reputation it upholds would make it difficult for competitors to imitate. The organisation also has a very effective strategic planning process with releasing an annual report to society to identify their strengths and weakness and how they are improving in their business. They have the skills and knowledge to train their employees to be professional as well as having a set of policies and procedures for their staff and …show more content…
By considering Political, economic, social, technology, environmental and legal factors, we determined that Myer is changing the way they do business which the technological factor has a significant impact. Keeping up with current wants and needs create an opportunity for them to keep relevant in the retail industry. Myer’s competition will increase as international retail stores penetrate the Australian market as well as independent stores. Myer will need to ensure they are strategic in their changes and ensure they are being effective and efficient in consumers wants and needs. Myer can be identified as a long-term competitive