Myer said on Friday it will close its Tuggeranong store in the Australian Capital Territory (ACT) because of a slowdown in customers at the location.

The retailer, which has been hard hit by the downturn in spending at traditional stores and the shift by consumers to online shopping, said the decision was taken as part of its normal business review "particularly in the context of lease renewal discussions".

Myers shares joined other retailers to retreat in the wake of JB Hi-Fi's profit downgrade revealed after markets closed on Thursday.