The billionaire retail veteran, whose Premier Investments is Myer's largest investor, is also calling on fellow shareholders to reject Myer's own board appointments, saying that "enough is enough" and action was needed to arrest any further decline at the iconic business.

But Myer has returned fire, saying the request for board representation raised concerns of conflict of interest because Mr Lew is both a supplier to and competitor with Myer.

In a statement to the ASX on Tuesday morning, Premier - which owns the Smiggle, Just Group, and Peter Alexander brands and 10.8 per cent of Myer - said it had no "current" intention of making a takeover bid for Myer.

The statement said Mr Lew met with Myer's chairman-elect, Garry Hounsell, on Friday, October 6 to ask for two board seats and the appointment of a further independent non-executive director, but that request was refused.

"Mr Hounsell then inferred to the media that he was yet to meet with Mr Lew, and publicly backed the 'New Myer' strategy against all of the evidence that it is not working," the statement says.

Myer then appointed Julie Ann Morrison to the board six days later. In pointed wording, Premier's described Ms Morrison as a former company director of Myer's "failed" Sass & Bide business.

The letter confirms that Premier will vote against all Myer's appointments at its annual general meeting next month, including Mr Hounsell and Ms Morrison, and urged other shareholders to do the same.

"Myer is an iconic and important Australian business which, for the sake of its shareholders, employees and customers, must not be allowed to suffer any further decline," the statement said.

"Premier wishes to contribute its significant retail industry expertise at board level, and hopes that it can garner the support of its fellow Myer shareholders to do so."

Premier said it reserved the right to call an extraordinary general meeting in the short term so shareholders could vote on its nominees.

Outgoing Myer chairman Paul McClintock said Mr Lew's broadside was "disappointing, but unsurprising".

"We have attempted to engage in constructive dialogue with Premier for many months, but regrettably this has not been possible," Mr McClintock said in a statement.

He said Myer considered Premier's "informal proposal" to appoint three nominee directors, but decided against it.

"In doing so, we had regard to, amongst other things, the potential for conflicts of interest given Premier and its associates' status as one of our largest suppliers and competitors".

Lew 'shocked' by Myer stores

In a separate letter to fellow Myer shareholders encouraging them to vote against the company's board appointments, Mr Lew said he had always admired Myer, which at its height was "a well-run business that understood what its customers wanted to buy, and delivered it with great service".

"Sadly, those times are long gone," Mr Lew said. "It has too much product that people simply don't want to buy.

"Its stores - particularly those in suburban and regional areas - are disorderly, and it has not invested in frontline customer service."

Mr Lew said he was "shocked" by the discount clearance floors Myer had installed in eight of its stores.

"I have visited many of them, and they are one of the worst experiences I have had in more than 50 years in retail. What Myer customers are supposed to make of them, I do not know, but they are a blight on the great Myer name and in my view they should be closed down immediately."

Myer's management and incoming chairman Mr Hounsell have reiterated support for the "New Myer" turnaround strategy, but Mr Lew said there had been no progress against any of its objectives in the plan's first two years.

'Enough is enough'

Mr Lew said "enough is enough" and that Premier would be voicing its concerns at the company's AGM on November 24.

"Our greatest criticism of Myer is the lack of mass-merchandise retail experience on the board," he said. "How can the directors possibly advise management and keep them on their toes?

"As Myer shareholders we deserve better. Myer customers deserve better. The Australian fashion industry deserves better - it needs Myer to be a strong competitor to the global brands that are increasingly coming to our shores."