As part of our series that explores the retail industry's greatest moves of the past year, we asked First Retail managing director Chris Wilkinson all about the industry's highs and lows of the past year, as well as as some predictions for 2017.
After the closure of seven stores in New Zealand, Pumpkin Patch’s receivers have announced they’re going to close 27 stores across the Tasman. KordaMentha receivers said the decision to shut down the stores was made to stabilise the wider business and improve the prospects of the chain finding a buyer. Plus: we look at the most likely buyers for the chain.
If there’s anything to take away from the last year in the retail sector, it’s that it’s a tough market out there. There has been a string of high-profile foldings within the sector, including Wild Pair and Dick Smith. The latest to go under is embattled childrenswear retailer Pumpkin Patch. We chat to retail analyst Chris Wilkinson to dissect what lessons can be learnt from these high-profile closures.
Queenstown is undoubtedly one of New Zealand’s dreamiest holiday destinations, with tourism booming and visitors coming in droves. However, do all of the retail operators match the ‘wow’ factor of the town itself? Possibly not, and businesses there are being encouraged to ramp up their retail strategies.
A comeback won’t be made in the short-term for embattled retailer Pumpkin Patch. It made a loss of $15.5 million in the year to July 31, while debt to its lender bank in New Zealand ANZ rose from $39 million to $46 million. Is there still a way the legacy brand can make a turnaround?