Retail shake-up in Australia affects a string of well-known stores in NZ

Retail shake-up in Australia affects a string of well-known stores in NZ

Myer executive chair Olivia Wirth.

Source: Myer

Taking a high level view of the retailing scene in New Zealand shows how much of a provincial backwater we are in so many ways.

Sure, we do have our successes; I'd give Hallenstein Glasson an F for communication over many years, but it definitely knows its business to the extent that many acknowledge it's the best, certainly in terms of the rag trade.

Its latest results for the year ended Aug 1, a 7.8% jump in net profit, a 6.3% growth in top line sales and a swelling of gross margin of 210 basis points to 59.4% are extraordinarily good in the current economic climate.

And the company is promising more of the same, saying sales were up 10.9% in the first eight weeks of the current financial year while warning that cost-of-living pressures continue to impact on consumers.

Briscoe Group is another excellent performer, although even it hasn't been able to avoid the erosion of margin that the post-covid period has inflicted on most retailers.