Myer dynasty endures amid retail turmoil as profits falter

Myer Ltd., the Melbourne-based department store founded in 1900, is facing a testing year as profits slip, stores close and the stock price slides, prompting analysts to question whether the 124-year-old retailer can survive the next 12 months.

Reports published last Tuesday described plunging profits, store closures and a savage slide in Myer’s share price, intensifying concerns about the company’s near-term viability as economic conditions strain discretionary spending and markets reassess the retailer’s outlook.

Meanwhile, the family that bears the Myer name continues to sit among Melbourne’s elite, with a portfolio of historic homes and expansive estates that publicly signal enduring wealth even as the business falters. The crown jewel in the family’s real estate holdings is Cranlana, the century-old Toorak estate purchased by Sidney Myer and his wife Merlyn. Spanning about 1.1 hectares, Cranlana features a sunken garden designed by Harold Desbrowe-Annear, a tennis court, a swimming pool and several heritage structures, including a cottage and former stables. In 2024, Cranlana was listed with an asking price between $96 million and $105 million, positioning it as a potential record-breaker for Melbourne’s most expensive residential sale.

Another asset in the family portfolio is the Regency-style mansion at 4 Grant Avenue, located a short distance from Cranlana. The property had remained in the Baillieu Myer line for nearly seven decades before it was put on the market in late 2024 with a price guide of $20–$22 million and swiftly found a buyer, marking its first change of ownership in seven decades.

Also part of the family legacy is Elgee Park, a sprawling estate on Victoria’s Mornington Peninsula. Acquired in 1958 as a private retreat, Elgee Park spans 322 hectares of rolling hills with panoramic views across Port Phillip Bay to Melbourne. Over the years, the Myers transformed the property into a multifaceted estate, adding a new residence, stables, a vineyard, an orchard, a quarter horse stud and more than 45 outdoor sculptures. The estate has served as a gathering place for generations of Myer family members and their guests, reinforcing the social footing that has long accompanied the family’s business empire. Close to Cranlana, Elgee Park has hosted major family milestones, including weddings that have drawn public attention due to the family’s prominent status.

The family’s affection for Elgee Park also ties to publicly documented celebrations. In 2021, the property served as the picturesque venue for the wedding of Sidney Myer’s great-grandson William Myer and his wife Sarah. In photographs and social posts from the event, the couple appeared in a pastoral setting with the estate’s green hills forming a dramatic backdrop, underscoring the Myer tradition of intimate yet opulent occasions that contrast with the challenges facing the retail company.

In August, Lillian Myer—a daughter of philanthropists Andrew and Kerry and a direct descendant of Sidney Myer—married Nathan Brown in Provence, France. The ceremony took place at Domaine de la Rose, a rustic estate set within a 20-hectare park, offering sweeping views of the Alpilles range. Lillian, who works for Deloitte in New York, kept much of the event private, though a video shared by a DJ captured guests dancing into the night at a lively reception before the newlyweds embarked on a European honeymoon with trips to Saint-Tropez, Ibiza and Mykonos. The wedding underscored the Myer family’s continued prominence on the international social circuit, even as the retail business faces near-term headwinds.

Not every chapter has a fairy-tale ending within the Myer orbit. Steven Lew, the son of Solomon Lew—Australia’s top retail shareholder and Myer’s largest investor—went through a high-profile divorce from Melbourne socialite Sarah Nowoweiski (later Sarah Lucas) in 2011 after eight years of marriage. Sarah later remarried, tying the knot with restaurateur Chris Lucas in Venice in 2023. Solomon Lew’s family has also faced legal tensions; in 2012, he launched action in the Supreme Court of Victoria to shield parts of the Lew Custodian Trust from potential claims by Priester and Nowoweiski, a dispute that remained largely private due to confidentiality rules. The couple’s matrimonial splits and the associated financial arrangements have fed public curiosity about the broader fortunes along the Lew and Myer networks. Jacqueline Lew, Solomon Lew’s daughter, also navigated a contested divorce from Adam Priester in the early 2010s, with the family’s wealth and trusts continuing to be a background consideration in disputes that touch on asset protection and inheritance.

Across these strands, the contrast between the Myer family’s enduring social capital and the retailer’s market vulnerability is stark. The Myer name remains closely linked with Melbourne’s social calendar and Australia’s luxury real estate landscape, where large estates and high-profile weddings help sustain a narrative of long-standing prominence. At the same time, the retailer’s earnings decline, ongoing store closures and investor skepticism reflect broader shifts in Australian consumer behavior, including online competition, cost pressures and a tougher retail environment that has become more punitive for mid-market department stores.

Market watchers say the next 12 months will be critical for Myer Holdings and for the family brand that has long stood at the center of Melbourne’s retail and social life. A company undergoing strategic reviews, portfolio optimization, and cost control faces a steep uphill climb to restore earnings and investor confidence while preserving the family’s broader holdings that span Melbourne’s premier real estate and a network of high-profile social connections. The intertwining of a traditional, asset-rich family fortune with a publicly traded retailer in distress presents a case study in managing legacy wealth alongside the evolving economics of modern retail. As Myer’s board and shareholders navigate liquidity concerns, the Myer name will continue to symbolize both a storied retail legacy and a broader, diversified family portfolio that remains materially valuable even as the flagship business encounters turbulence.