SAMS Group Australia
advertisement
SAMS Group Australia
advertisement
SAMS Group Australia
advertisement
Goto your account
Search Stories by: 
and/or
 

News












As concern continues to spread about mounting economic pressures, New Zealand retailers are increasingly unsure whether or not they will survive the next 12 months. | Source: iStock
As concern continues to spread about mounting economic pressures, New Zealand retailers are increasingly unsure whether or not they will survive the next 12 months. | Source: iStock

New Zealand: Retailers make startling admissions

As concern continues to spread about mounting economic pressures, New Zealand retailers are increasingly unsure whether or not they will survive the next 12 months.

Retail NZ’s most recent Retail Radar report found that 43 per cent of retailers are unsure of future prospects, a remarkable rise since the 32 per cent figure in the previous quarter.

More than 70 per cent of retailers stated they did not meet sales targets in the previous quarter. This increased from a figure of 64 per cent in the first quarter.

Retailers expressed concern about covering costs in the coming quarter due to weak sales. CEO Carolyn Young said pessimism about trading conditions has deepened in recent weeks.

“This is traditionally the quietest time of the year for retailers but they are really struggling for sales right now,” she said.

Carolyn Young, CEO of Retail NZ
Carolyn Young, CEO of Retail NZ
"Summer still feels a long way off, but I’m confident we are seeing the first signs of the economy warming up."
Carolyn Young, Retail NZ

“Worryingly, most retailers are not expecting trading conditions to improve through the July-September quarter, with only 2 per cent saying they expect to exceed their targets.”

Inflation and cost of living were reported by 79 per cent of retailers as the leading issues for their business.

Despite the prevailing pessimism, Young said that there are signs of relief in the near future.

“Summer still feels a long way off, but I’m confident we are seeing the first signs of the economy warming up,” she said.

“We are getting nearer to the Reserve Bank’s target range for inflation of 1-3 per cent, indicating that a cut in the Official Cash Rate is closer than previously expected.

“This will lead to a turnaround in consumer confidence and a greater willingness to support local retail businesses.”

Young also expressed concern about the 8 per cent of retailers who said staffing issues impacted their ability to take days off. She said this added additional mental and physical pressure on business owners.

More reading
Turning point: Sentence handed down for high-profile jewellery store robbery
Enough is enough: New Zealand retailers demand help
New Zealand’s retailers not confident of long-term survival
Jewellery store raided by thieves twice in less than two weeks
New Zealand: Retailers express optimism about the year ahead
New Zealand: Crime costing retailers billions each year

 











SAMS Group Australia
advertisement





Read current issue

login to my account
Username: Password:
Rapid Casting
advertisement
SAMS Group Australia
advertisement
Rapid Casting
advertisement
© 2024 Befindan Media