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Department stores: The dinosaurs of retail?

David Jones storefront
Pressure is mounting on Myer and David Jones after their turnaround strategies were derailed by Covid-19 shutdowns. The hefty losses reported by both retailers for the 2020 financial year were to be expected, but with the current half-year results likely to splash further red ink on the bottom line, there is increasing speculation about their future. The speculation is fanned by the financial collapses of iconic department store chains in the US and UK as much as by the trading woes of Myer and