152-year old department store Kirkcaldie & Stains closed its store in early 2016, due to the rising commercial rent and competition from internet retailing. South African-owned department store David Jones took over Kirkcaldie & Stains’ lease, and invested approximately NZD20 million in refurbishment. David Jones opened its first international store outside of Australia in August 2016.
The Warehouse Group led mixed retailers in 2016, accounting for a 59% share of value sales. The company benefited from improvements in areas such as productivity gains and cost management, which resulted in a higher level of efficiency and allowed it to focus on digital marketing.
Mixed retailers is expected to increase by a value CAGR of 3% at constant 2016 prices over the forecast period. External factors such as increasing real wages and the increasing population, fuelled by net migration, are expected to be the key growth drivers in the forecast period. The competition amongst major players is expected to continue, with mixed retailers investing resources to improve their business structure and store expansion. Kmart is planning to open a 5,200 sq m new store in Wellington at the end of the second quarter in 2017.
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