Due to the worldwide closure of many stores across all industries, Myer's increasing competition is other online department stores. David Jones is a significant competitor. It has 38 stores located in Australia with an estimated 11.7% market share compared to Myer's market share of 16.1% (Do, 2019). Although David Jones has a smaller market share, it has outperformed Myer and other stores in revenue growth (Do, 2019). 

 

According to IBISWorld, Australia's department store industry has declined by 2.8% from 2016 to 2021 and is expected to decline a further 1.7% in 2021. It now only has a market size of $18.6bn compared to $21.4bn in 2016. This is due to households reducing their spending habits and are focusing on paying their debt, and increasing savings (IBISWorld, 2021). It is predicted that department stores will still continue to face difficulty operating successfully in the next five years. Competition will continue to rise from online stores and international retailers, constricting revenue growth (IBISWorld, 2021).

 

With the rise of technology companies coming into the competitive market this may possibly impact the operation of the tech side of Harvey Norman. 

Due to the pandemic another problem that Qantas faced was employment, over 6000 employees at Qantas unfortunately lost their job due to the limit in cash flow and Qantas was unable to have them actively employed throughout those times.

Qantas has set a three-year recovery plan that sets out ho the business will go about regaining their cash flow and profit in order to re position themselves in this competitive market.