Close
 

Why New Zealand Retail Property Group's listing on the NZX is significant

  • Opinion
  • July 18, 2017
  • Paul Keane
Why New Zealand Retail Property Group's listing on the NZX is significant

I read an article on the weekend that suggested most of us would be driving electric cars within a decade.

Volvo as a precurser has announced that from 2020 they will only produce cars with an electric motor. This is scary stuff particularly for those of us who have recently purchased petrol-driven new cars, as according to the story they will become obsolete in 10 years. Much the same, I guess, as the video or the more recent DVD.

If we extend our thinking, petrol stations will become "electric stations", and shopping centres will need to think about installing "electric fill up points" as a norm.  From my point of view I will stick with my petrol car and hope it lasts me until my grandchildren learn to drive!

However, the key point to my introduction this week is our ability to foresee what may happen in the future. Ten years ago most of us would not have contemplated the serious emerging of electric cars.

It took me back to the mid-1990s which coincided with an announcement this past week that New Zealand Retail Property Group are to list on the NZX.  

In the mid-1990s, I was approached to help a person who was looking at buying a 12 hectare site on Auckland's north western motorway. The site was located on a key arterial route and was absolutely ideal as a shopping centre site and ticked all the boxes for access, passing traffic and demographic growth. The irony was that there were no buyers interested. The development was however created and we opened "Westgate" in 1997, working closely with our client. The client was the founder of NZRPG Mark Gunton.

I recall at the time that some commentators criticised our demographic growth forecasting, as an overstatement, in that we suggested Westgate would have a primary catchment within 10 years of the mid 1990s of 100,000 people.  We now all know that in 2017 Westgate as an environment has literally grown like topsy and now has an immediate population of over 500,000.

Subsequent to Westgate, we created Fraser Cove in Tauranga.  Again, this was very much a greenfield site but tucked away from the major arterials in the backblocks of the city. Acquiring The Warehouse as an initial major Anchor secured the start of the project. We now all know today that Fraser Cove has been an outstanding success.

So where is this all leading to?  Back in the 1990s or the early 200os when both Westgate and Fraser Cove emerged, neither we or the centre owners would have considered that in 2017 these two properties would form the nucleus of an NZX listing, we couldn't accurately forecast what may happen in 20 years’ time.  It is akin to the "electric car" scenario.

I am pleased that Mark Gunton has taken the company to its current growth phase. It has been many years of hard work and highs and lows for him, but he has stuck to his plan and should be congratulated. Remember, he took the plunge on Westgate and succeeded where others simply didn't have the foresight.

There is a little irony however. In days past, RCG was always conscious of working for one client. We initially however, post the opening of Westgate, ventured into shopping centre development and actually acquired the site on which Fraser Cove was to be developed. Subsequently it was picked up by what is today NZRPG.

How times change!!  I note today that the new NZRPG board is to have the nucleus of the Augusta board on its board. Does this mean a marriage further down the track?  As I said earlier, none of us can predict the future, we just get on with making sure what is immediately in front of us is successful.  If so the future will take care of itself.  Life, however, is full of ironies!

 Paul Keane is a registered property professional and has vast experience in New Zealand’s commercial property industries. He provides retail and property consultancy including development management to many New Zealand property owners, developers and city councils. This post originally appeared on RCG's blog.

​ ​

This is a community discussion forum. Comment is free but please respect our rules:

  1. Don’t be abusive or use sweary type words
  2. Don’t break the law: libel, slander and defamatory comments are forbidden
  3. Don’t resort to name-calling, mean-spiritedness, or slagging off
  4. Don’t pretend to be someone else.

If we find you doing these things, your comments will be edited without recourse and you may be asked to go away and reconsider your actions.
We respect the right to free speech and anonymous comments. Don’t abuse the privilege.

 

Direct sales: How multi-level marketing works

  • News
  • April 18, 2019
  • Sarah Dunn
Direct sales: How multi-level marketing works

The $200 million-plus direct sales economy contains many lessons retailers can use. As part of a wider look at this thriving corner of retail, we created a quick explainer showing how this business model typically works.

Read more
 
 

Direct sales: Meet the upliners

  • News
  • April 18, 2019
  • Sarah Dunn
Direct sales: Meet the upliners

We profiled different participants in the direct sales industry to find out what retailers can learn from them. Meet Isagenix distributors Adam Nesbitt and Bianca Bathurst.

Read more
 
 

Direct sales: Meet the business builder

  • News
  • April 18, 2019
  • Sarah Dunn
Direct sales: Meet the business builder

As part of a wider story looking at what retailers can learn from the direct sales industry, we profiled Isagenix distributor Ben Frost.

Read more
 

Social scoreboard

Zavy and The Register have worked together to create a scoreboard that compares how the top 25 traditional media advertising spenders in New Zealand have performed on social media over the past 30 days, updated in real time.

 
topics
Concept to closet
Business coverage of New Zealand Fashion Week.
Town centres
A positive retail environment over the past 12 ...
Amazon Arrival
Keeping up with all things Amazon as it ...
The Retail Yearbook 2017
As we battle our way through the busiest ...
Hospitality enhancing retail
Some think food and integrated hospitality offerings will ...
The future is bright
We spoke with four retailers in their twenties ...
Spotlight on signage
At first glance, the humble in-store sign might ...
Red Awards 2016
The Red Awards for retail interior design celebrate ...
Auckland Unitary Plan
Auckland is changing. The Unitary Plan will decide ...
How to open a store
Sarah Dunn considers what it would take to ...
All things to all people
Kiwi retailers share their omnichannel strategies.
Rising stars
Retail's top young achievers.
Delivering on your promises
The sale isn't over until your item is ...
Retail in heartland New Zealand
Retailers keep the regions pumping, but how strong ...
Sisterhood
Women in retail help one another. We spoke ...
The changing face of retail
Shifting demographics are creating big changes in New ...
The retail yearbook
With the help of experts in the retail ...
Retail rogues
We put the spotlight on staff training. Jai ...
Here come the giants
Topshop has arrived in Auckland’s CBD, David Jones ...
Window shopping: A spotlight on social media
Sarah Dunn and Elly Strang look at how ...
From retail to e-tail
Ecommerce has become part of the way mainstream ...
Loyalty in the digital age
How are retailers maintaining loyalty? Sarah Dunn, Elly ...
The Innovators | In partnership with Spark Business
Technology is rapidly changing the retail industry as ...
 
News

Leveling up: Exploring multi-level marketing in New Zealand

Is the $200 million-plus direct sales economy retail by another name or something different? Regardless, what can we learn from it?

 
 

A spectrum of retailers

  • Opinion
  • April 18, 2019
  • David Farrell
A spectrum of retailers

In recognition of April being Autism Awareness Month, retail commentator Dave Farrell considers the role of those on the spectrum in retail.

Read more
 

How on-trend is your retail business?

  • Sponsored Content
  • April 18, 2019
  • Sponsored content
How on-trend is your retail business?

New insights from Visa highlight five evolving trends emerging from savvy retailers around the world. We’ve taken these global trends and looked at how they are playing out with merchants in New Zealand, and we’d now like to hear what you think of them.

Read more
 
Next page
Results for
Topics
Jobs
About us.

The Register provides essential industry news and intelligence, updated daily. And the digital newsletter delivers the latest news to your inbox twice a week — for free!

©2009–2015 Tangible Media. All rights reserved.
Use of this site constitutes acceptance of our Privacy policy.

Advertise
The Register

editor@theregister.co.nz

Content marketing/advertising? Email anita.hayhoe@icg.co.nz or call 022 639 3004

View Media Kit

}