Megamart was an Australian chain of stores owned by Coles Group (then Coles Myer) which sold electrical and furniture items. It was a sub-store of department store chain Myer, so it was also known as Myer Megamart or Megamart by Myer. Some Megamarts were bigger than whole Myer stores alone.
According to Business reporter Stephen McMahon, the reason Megamart closed was that its "...small footprint meant it struggled to compete with rivals such as Harvey Norman and Dick Smith - while cannibalising Myer's own sales."
2005: Coles Myer announces plans to "divest" Megamart due to poor performance. All stores stopped trading on 13 November. Out of the nine stores, six were bought out by Harvey Norman while the remaining three were bought by Clive Peeters.