Myer given Huge Boost with Exclusive Editorial Feature in Australias Best Magazine Published by Bean Media Group



The highly-regarded industry-specific business magazine, Australia'ss Best, has given Myer a big thumbs up as the company was chosen to be featured in Australia'ss Best Retail, distributed in November 2008. The exclusive editorial feature explored the Myer Supply Chain and featured an in-depth interview with Myer'ss Procurement Guru, Prakash Menon.

The Myer Supply Chain is clearly firing on all cylinders and the recent article in Australia'ss Best will help the image of Myer to the Australian public. A Retail store is only as good as the products it stocks, and with effective purchasing and procurement strategies, Myer are clearly leading the pack. The Myer editorial feature published by Bean Media Group effectively demonstrates both Prakash'ss knowledge as a senior supply chain expert and also portrays the excellence of the Myer brand.

For Myer, supply chain is not simply about distribution centres, but rather the entire 'send-to-end's process. We aim to ensure that the entire process, from initial concept, through to source, to distribution centre and ultimately to store, is managed efficiently - with service, safety, speed, flexibility and cost being our key principles and drivers, commented Prakash.

At the time of acquisition in 2006, (when Myer was acquired by private equity firm Texas Pacific Group (TPG), the Myer Family Company and members of the Myer Management Board) Myer inherited a build up of inventory and 24 offsite warehouses, so our first priority was to consolidate, simplify and streamline. The first step Myer had in achieving these goals was the holding of our 'sHistory Making Clearance's that enabled us to clear out $400 million worth of stock and paved the way for the removal of the 24-offsite warehouses. We then set about writing the strategy for the new Myer supply chain, including the development of five key principles; service, safety, speed, flexibility and cost, said Prakash.

Unlike many of our competitors, Myer'ss supply chain is a core competence. Our entire system is in-house and completely integrated with the business and works fluidly with stores and across all merchandise. We have over 1200 suppliers across 12 different business models (including electrical, footwear, fashion, furniture, cosmetics) and deal with over 240,000 active SKUs (stock keeping units). Clearly there is not a 'sone-size-fits-all's answer, so we need to ensure that our systems cater for all needs, added Prakash.

With the current economic climate affecting many industries, particularly the Australian Retail Industry, it is clear that Myer is well positioned to work with its key suppliers to help weather the storm and develop the company'ss on-going reputation as the country'ss number one department store.

The entire editorial for Myer that appeared in Australia'ss Best Magazine (http://australiasbestmagazine.com.au/about.html) can be found here: http://australiasbestmagazine.com.au/profiles/Retail_Myer.pdf

Bean Media Group can be reached via their website, http://www.media.net.au.





Myer given Huge Boost with Exclusive Editorial Feature in Australias Best Magazine Published by Bean Media Group