So, I have gone a little further afield. Harris Scarf, Kmart, Target, Big W, etc, I would not really consider competition to Myer or DJs, because they are going after a different market - they are mid-scale items, not luxury items, and so I have omitted them from my search!
So, here is DJ's Logo:

And for argument's sake, I have also included Westfield:

Although this might be a different type of store altogether - still, it's bordering on competition, especially if it houses a David Jones and not a Myers store within its walls!
The re-branding of the Grace Bros. Stores to Myer in 2004 was a good move, I think. For one, it brought all the branding in line across the country, rather than having Myer in Melbourne and Adelaide, but Grace Bros in Sydney. Also, just from a personal point of view, I like the Myer branding better, for what it is trying to achieve - and upmarket department store. The red on both the Grace Bros. and the Westfield logos, to me, just looks a little down scale.
I put something up before on the forum about the re-branding of Saks 5th Avenue, and although its not in competition with Myer here, it's interesting to note that this store has been struggling for years as well, much like Myer, and faces tough competition from other stores such as Bloomingdales. So, I will put the information on the redesigning of the Saks logo by Pentagram here as well, and also include the "Brand New" blog that covered it as well. The blog is really interesting because it is all about re-branding.
I think that the problem Myer has is that it is too much like its competition. DJs has had a very successful history of using black and white, and its checkered pattern is easily recognisable without the name. Without using red, of course, I think it would be good for Myer to slowly move away from the straight black and white look, and carefully bring in some more interesting and dynamic shapes and design features.
I tried to do this with the design I have put on this blog a few days ago. I think the watermark on the card and the logo itself can also lend themselves to modulation - the "M" in the MYER can use different colours for different seasons, and the watermark or just the M can be used on packaging or store credit cards. The branding needs to come alive, and rather than trying to emulate its only major competitor, I think it should try to differentiate itself in a stylish and subtle way.

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