The iconic Myer building, which has been a staple in Launceston's CBD for 60 years, is now listed for lease, prompting fears among community and business groups that the retailer may withdraw from the area. Myer has stated that its lease will continue until 2027, but ongoing discussions with the landlord have raised uncertainties about its long-term commitment to this prime location. The announcement has ignited worries regarding the viability of the shopping district, as Myer is considered a flagship retailer in Launceston.

Local leaders have expressed their concerns about the potential vacancy in the city’s shopping area, describing the possible exit of Myer as leaving a 'giant hole'. As the ownership looks to attract national and international brands to fill the space, the community anticipates how these changes may affect local businesses and the overall shopping experience. The building's refurbishment was deemed necessary by the owner to address its current state, which some have called an 'eyesore'.

The implications of Myer's departure could be significant, marking a shift in Launceston's retail landscape and potentially decreasing foot traffic in the CBD. Community support for maintaining Myer's presence underscores the importance of this retailer to local identity and economic health. The discussions about the lease and future occupancy will closely be monitored as they unfold, as they hold substantial stakes for the local economy.