Downward pressure on Myer Holdings Limited shares (ASX: MYR) is primarily driven by structural headwinds facing traditional brick-and-mortar department store business models in an era dominated by online e-commerce platforms and fast-fashion global competitors. Discretionary retail spending cycles, inflation pressures affecting consumer purchasing power, and fluctuating profit margins contribute to market caution. While management works to integrate apparel brand operations and bolster digital fulfillment channels, intense competition and modest retail sector margins often lead to lower valuation multiples on the exchange.