Department stores can learn a lot from discount retailers, according to Myer boss Bernie Brookes.
Brookes told Sky News on Sunday that high profitable discount retailers like JB Hi-Fi had a lot to teach a department store such as Myer.
‘JB Hi-Fi is a tremendous business. We learn the ability to buy at the right price, we learn the ability to ticket aggressively, we learn the ability to reward people based on their sales and we learn the ability to merchandise and show the product off really well,” he said.
JB Hi-Fi has gone from strength to strength over the past year, posting record profits in the 2008-09 financial year. The electronics retailer is also planning to open up 17 new stores across NSW.
In June, JB Hi-Fi chairman Patrick Elliot said that retailers who sell low-priced goods are benefiting from the effects of the global recession, as consumers reduce their spending and look for value for money.