Struggling department store chain Myer has suffered a massive fall in its share price in the wake of a devastating revaluation from a leading analyst.

Myer shares had dropped more than 9 per cent to $1 by lunchtime with a brutal research note from Credit Suisse analyst Grant Saligari being fingered as one of the reasons.

In the no-holds-barred note to clients, Mr Saligari said the arrival of TK Maxx and Amazon would create significant problems for Myer.

In the note, Mr Saligari lists the issues as including: "the entry of TK Maxx and Amazon, Myer's overly large store portfolio and, in the near term, a deteriorating spending environment".