Come see for yourselves

Incoming Myer chairman Garry Hounsell (above) has urged shareholders to visit an outlet and shop online to experience first-hand the turnaround strategy.

INCOMING Myer chairman Garry Hounsell has urged shareholders to visit an outlet and shop online to experience first-hand improvements the retailer’s contested turnaround strategy is delivering.

Mr Hounsell has doubled down in his defence of the turnaround strategy and board ahead of a looming showdown with retail billionaire Solomon Lew at Myer’s annual meeting next month.

“I have confidence in the new Myer strategy and I believe in the capability and skills mix of the board and management to deliver it,” he said in a letter attached to the retailer’s notice of annual meeting lodged with the stockmarket.

“The evidence to date demonstrates that underlying earnings have been stabilised and our competitive position has been strengthened but there is much more to do.”

Premier Investments, the listed retail group controlled by Mr Lew, became Myer’s biggest shareholder in March.

The retail veteran launched a blistering attack on Myer management last month, saying the “iconic” business had “lost its way” and was selling product that belonged “in the Salvation Army”.

Myer’s biggest private shareholder, Copulos Group, last week said the recovery plan was not working and management needed to close more stores.

Picture: DAVID GERAGHTY DOGGED DETERMINATION: Despite criticism from Myer shareholders, incoming chairman Garry Hounsell says he has confidence in the strategy the company is employing to turn its fortunes around.