The resurgence of the various central business districts throughout New Zealand is never more prevalent than at present.
Savvy retailers are avoiding high rents in New Zealand’s premium shopping areas by squeezing into shop spaces as small as toilets. Called ‘micro-retailing’, the trend has swept across the US and Europe and is now taking off in a big way within New Zealand’s cities.
A Hamilton cake shop and 2015 Top Shop Awards winner called The Girl on the Swing has swiftly exited Hamilton’s CBD, following problems with graffiti, vomit outside its store and “intimidation”. It still will continue to run its original store across town in Chartwell.
Multi-million dollar precincts underway in Christchurch are galvanising smaller players to become a part of the action. Peter Guthrey of Guthrey Holdings is seeking expressions of interests for a 2000 square metre site next to Ballantynes in the Christchurch retail precinct.
This year saw the demise of two heritage Kiwi department stores. Wellington’s Kirkcaldie & Stains was bought out by David Jones, while South Island stores merged as H&J Smith purchased Arthur Barnett. It seems that in the age of ecommerce, a fresh approach is necessary
It’s mostly positive news all round for New Zealand’s CBDs, Colliers International says in its half-yearly report. Auckland continues to be the country’s strongest performing city, but hot on its heels is Wellington with increased international attention and Christchurch, which is returning to prosperity.
When business is booming within a CBD, it often has a reverse effect and increases the rent for retailers – kicking those who can’t afford to stick around to the curb. We talked to JLL’s director of research and capital markets about the challenges surrounding