Archive | Retail property

Frank Lowy & sons talk the ingredients for future retail

Westfield Corp Ltd chair Frank Lowy told the company’s annual meeting in Sydney last week its focus on flagship assets had kept it ahead of the competition. His sons, Peter & Steven, who are co-chief executives, elaborated – including a new focus on apartment development at some sites.

Westfield restructured in 2014, creating Westfield Corp as owner of its northern hemisphere assets and Scentre Ltd as owner in Australia & New Zealand, all still flying the Westfield flag.

Westfield Corp made $US1.4 billion profit in 2016, including over $US1 billion in revaluation gains, which Frank Lowy said was largely driven by the value generated from its development programme: “Our strategy is to create & operate flagship assets in leading markets that deliver great experiences. We are focused on innovation. Our aim is to create a digital platform that complements our physical portfolio and provides a better connection between retailers, brands & consumers.”

Decline of the secondaries

He said 2 factors were impacting the US retail environment: “The first is the decline of what we refer to as secondary centres, and the second relates to the US department store business.

“On the issue of secondary centres – it has been evident to us for some time that the US is ‘over-retailed’. Put simply, there is too much retail space in that market. This has put pressure on any retail asset which is not considered to be the primary asset in the relevant market.

“At Westfield, for more than a decade, we have been discussing publicly the division of the shopping centre industry – between flagship assets & secondary assets.

“Since 2010 we have been steadily reducing our investment in secondary assets and increasing our focus on the best assets in the best markets – the assets we refer to as flagship centres.

“The difference in performance between flagship centres & secondary assets is obvious when you look at our portfolio metrics. Our flagship assets, which today represent 82% of our portfolio, command higher rents and have higher levels of occupancy & sales growth.

“In executing our flagship asset strategy since 2010, we have divested 29 secondary centres in the US & UK, with a total value of $US 7 billion. We have also joint-ventured 22 assets, raising $US4.6 billion of additional capital. Those proceeds have been reinvested in our $US9.5 billion development programme which is now underway – all with the aim of creating the highest quality retail portfolio in the world.

“When our current development programme is completed in 2020 or 2021, we expect that 90% of our portfolio will comprise flagship centres, with 9 of those centres expected to achieve sales of more than $US1 billion, pounds or euros each year.

Department stores finding new life in malls

“The second factor impacting US retail is the well publicised decline in the US department store business. As most of you know, Westfield has been involved in the shopping centre business in the US since 1977. Since the mid-1980s, we have witnessed a decline in the importance of the department store business in that market. The current weakness is the culmination of a trend which has been in progress for a very long time.

“It is now generally accepted that retailers in the US, including the department stores, need less physical stores to service the markets in which they operate. Recognising this trend, in recent years we have bought back department store space and repurposed that space to introduce new & more productive retailers – retailers who have greater capacity to attract shoppers to our centres. Our expectation is that this trend will continue in future years.

“The department stores also recognise the value of locating their stores in our flagship assets. At the moment, a number of different department stores are opening new stores in our developments whilst closing many stores in other locations. It is these factors which have driven us to reposition the Westfield portfolio toward flagship assets to ensure that the changes in the retail environment have a positive, rather than a negative, impact on the company.

In 2016 our flagship centre strategy was in evidence with the launch of Westfield World Trade Centre. Westfield owned the retail component of the Twin Towers on 9/11 and the journey to its rebirth was long & complex, but the result is something that our company, and the city of New York, can be very proud of. Our centre forms part of an incredible landmark, something befitting the history, culture & people of New York.

Westfield advances digital programme

“In 2016, we took a further step in the evolution of our digital programme. In the shopping centre industry we know we must constantly change & evolve. In the digital world we must move at a faster pace, constantly testing new technologies, and using our data to deliver the best experience.

“To achieve this we have created Westfield Retail Solutions to take a broad approach to digital products, data analytics & all aspects of the Westfield business to create seamless solutions for our consumers, retailers and brand partners.”

Peter Lowy.

Peter Lowy told the annual meeting: “On completion of our development programme, we will have a portfolio of between $US45-50 billion, with 9 centres expected to have annual retail sales in excess of $US1 billion and average flagship specialty sales of over $US1000/ft² ($NZ15,480/m²).

Residential opportunities

“It is worth noting that, in additional to our retail development programme, we have significant residential rental opportunities. We have identified the opportunity to build about 8000 apartments in the US & UK on land already in our portfolio. We plan to partner with third-party capital to fund the construction of many of these opportunities. These opportunities will enhance the value of our portfolio by maximising the value of our existing real estate. In 2018, we expect to commence a 1200-apartment project at Stratford in London and a 300-apartment project at UTC in San Diego.”

Big brands become the new retailers

Steven Lowy.

Steven Lowy said: “We operate in an increasingly connected world, where technology & consumer behaviour moves at a much faster pace than was the case a decade or 2 ago. Retail formats are continually adapting, and not always in predictable ways. It is true that online retailing and the use of digital technology is on the rise. But it’s equally true that this is opening up new & exciting opportunities for Westfield.

“New retail formats that didn’t exist a few years ago are now among the most popular features of our shopping centres. Companies that were never regarded as ‘retailers’ are taking space in our centres – car companies like Ford, Citroen & Tesla are creating exciting new spaces to showcase their latest products. A host of global brands like Pepsi, JP Morgan Chase, Samsung, Lexus & Senheisser now feature on our state-of-the-art digital advertising screens and launch new products from London to New York to Los Angeles & San Francisco.

Other global brands are also increasing their presence in Westfield centres. Technology companies like Apple & Microsoft and the global fashion & cosmetics brands like Zara and H & M and Sephora.

“The food, leisure & entertainment aspect of our business has undergone a revolution – where once we merely provided a shopfront for a retailer selling food, we now host vibrant food concept stores like Eataly, which provide a whole new level of product & experience. In fact, food & dining now plays a vastly more important role in our centres than it used to. At Stratford in London, there are more than 80 food retailers.

“We are able to do this, to stay at the forefront of our industry and respond quickly to change, because we have continued to execute a consistent strategy. This strategy boils down to 2 key objectives: to continually improve the quality of our physical assets while integrating digital & other new technology to deliver great experiences. Both elements of this strategy are reflected in the makeup of our senior executive team.

New type of executive

“Of course, we continue to rely heavily on our traditional real estate & shopping centre management expertise. But we have also recruited executives from the digital, entertainment & advertising sectors. [Westfield Retail Solutions executive director] Don Kingsborough has been building a technology team drawn from companies like Google & PayPal, and we recently acquired a small Broadway production company to build our capacity to create even better experiences in our centres.

The £600 million redevelopment of Westfield London is 6 months ahead of schedule and we expect the project to launch in early 2018. Upon completion, it will be the largest shopping centre in Europe. Our 2 London centres already generate around £2.2 billion of retail sales from 75 million annual customer visits. The $1.1 billion expansion of Valley Fair started last year. Valley Fair is currently one of the most productive centres in the US, with annual specialty sales of around $US1200/ft² ($NZ18,575/m²).

“The chairman briefly described the major changes underway with department stores globally, but especially in the US. Again, by anticipating this long-term trend, Westfield has been able to benefit.

“As underperforming department stores close in less attractive markets, they are opening new stores in our flagship development projects. We will see a new Nordstrom store open at Century City in Los Angeles and another at UTC in San Diego. Bloomingdales will open a new store at Valley Fair in Silicon Valley. France’s biggest department store, Galeries Lafayette, will open their first store in Italy in our new centre in Milan, and John Lewis will have a new store at Westfield London.”

Link:
Westfield Corp

Attribution: Company AGM speechnotes.

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Colliers to manage WestCity for new Adelaide owners

The Adelaide-based Angaet Property Group, which bought the WestCity mall at Henderson from the Scentre Group at a steep discount to target price at the end of last year, has appointed Colliers to manage the centre.

Angaet is owned by the DiMauro family, headed by Nick DiMauro & his son Michael, who have built up a portfolio of 25 shopping centres around Australia.

Angaet paid $A147 million for WestCity, over 20% short of the $A175 million price tag quoted by the Australian Financial Review when the property went back on the market last September. However, that price is just short of the book value ($NZ161.5 million/$A150.6 million) ascribed to WestCity in Scentre’s annual report out yesterday. The Scentre report put WestCity’s cap rate at 8.38%.

WestCity has a net lettable area of 36,108m² on a 5ha site, is anchored by Countdown, Farmers, The Warehouse & Event Cinemas, and has 130 specialty stores & 1492 parking spaces.

The sale was reported in Australia on 1 December, when it was subject to Overseas Investment Office approval, but Scentre said nothing about it until it was mentioned in passing in the group’s annual results release yesterday.

Colliers quoted Nick DiMauro yesterday: “I believe WestCity is a vibrant shopping centre, and the many infrastructure projects around the Henderson area in the near future will enhance the centre’s prominent position.

“We look forward to working with Colliers International to provide the best possible shopping experience for the residents of Henderson & its surrounding communities.”

Colliers will take over management of the centre from settlement.

6 of the 40 malls on Scentre’s books last year were in New Zealand, and WestCity was the last still wholly owned by the company after it sold 49% of 5 of them – Albany, Manukau, Newmarket, Riccarton & St Lukes – to Singapore’s sovereign wealth fund, GIC, at the end of 2014.

Scentre put WestCity & the other 3 New Zealand centres on the market in 2015 and sold 3 at the end of that year – Glenfield to Ladstone Holdings Ltd, Queensgate in Lower Hutt & Chartwell in Hamilton to the Diversified fund managed by Stride Property Ltd – for a combined $549 million.

Attribution: Company & agency releases.

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World property W27Apr16 – BHS & Austin Reed collapse, C&W sees retail growth in Europe

2 UK retail chains collapse
London stays top target for European retail development

2 UK retail chains collapse

2 British retailers which have been teetering on the verge of collapse for over a year had administrators appointed to them on Monday & Tuesday.

Yet, last week, real estate consultancy Cushman & Wakefield reported a strengthening European market for retail development, with London as the top target because of low retail density and growing sales.

From the 2 collapses and the brighter outlook in the C&W report, it appears the future for staid UK stores is dim, but bright for mall developers offering livelier outlets.

In investment terms, retail property throughout Western Europe, including Scandinavia, is a tradeable commodity, while the new malls of Central & Eastern Europe are being developed in a vacuum.

BHS & Austin Reed fail

The British Home Stores chain was the first of the UK retailers to go, when it couldn’t find £60 million in emergency funding to pay wages & rent. It has 164 stores and about 11,000 staff.

Topshop owner Sir Philip Green, who heads the Arcadia Group, sold BHS last year to the Retail Acquisitions consortium for £1, along with debts exceeding £1.3 billion and a pension fund deficit of £571 million.

Alix Partners were appointed administrators yesterday of menswear chain Austin Reed, which moved out of its flagship London store at 113 Regent St in 2011 and agreed to sell 31 stores in February last year after securing a voluntary arrangement with its creditors. Specialist retail vehicle Alteri Investors provided financial backing last year and recently took control of the group. Austin Reed still has 100 stores, 50 concessions and almost 1200 staff.

Links:
Europe Real Estate, 27 April 2016: Austin Reed falls into administration
Independent, 26 April 2016: BHS collapse confirmed by administrators putting 11,000 UK jobs at risk
UK Press Association in Daily Mail, 27 April 2016: More jobs at risk as menswear chain Austin Reed follows BHS into administration

London stays top target for European retail development

Cushman & Wakefield is predicting, in research out a week ago, that development of European shopping centres will continue at a steady rate over the next 2 years after a quiet 2015.

The consultancy is forecasting delivery of 9.1 million m² in 2016-17, double the 4.6 million m² delivered last year.

€15.5 billion was invested in European shopping centres in the second half of 2015, up 16.6% on the second half of 2014. 45% of total trading volumes was in UK & German properties.

London retained top position as a development target because of its low shopping centre density of 231.2m²/1000 people, and forecast strong retail sales growth of 15.8% through to 2020. Retail sales in Madrid & Barcelona are expected to grow 12% by 2020, compared to only 6% in core German cities and 7.5% in core French cities.

The research paper put current stock in Western, Central & Eastern Europe at 1 January 2016 at 156 million m² after 3.3 million m² was added last year, and the development pipeline through to the end of 2017 was 9.12 million, of which 5.26 million m² would be added to the much smaller Central & Eastern European market.

Link:
Cushman & Wakefield, 18 April 2016: European shopping centre development report

Attribution: Various UK news outlets, Europe Real Estate, Cushman & Wakefield

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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Scentre sells 3 malls to locals, one to go

Scentre Group Ltd has sold 3 New Zealand shopping centres, leaving it with 100% of only one New Zealand mall. That’s also been on the market since February.

A year ago Scentre owned 9 Westfield malls in New Zealand, worth $2.8 billion. It sold 49% of Albany, Manukau, Newmarket, Riccarton & St Lukes to Singapore’s sovereign wealth fund, GIC, for $1.036 billion, settling in March.

In today’s round, Scentre has sold 100% of Westfield Glenfield to Ladstone Holdings Ltd, and Westfield Queensgate In Lower Hutt & Westfield Chartwell in Hamilton to a fund managed by Stride Property Ltd, for a combined $549 million.

That leaves Scentre with WestCity at Henderson.

Scentre, which took over the Australia-NZ portfolio in a Westfield restructure in June 2014, has continued to manage the part-sold malls, but Ladstone & Stride (ex-DNZ Property Fund) are managers in their own right.

The February sale of the interest in the bigger malls was at an effective implied cap rate of 6.8%. Scentre said today’s transactions were at a combined yield of 8.2%. Specialty sales productivity at 30 September for the 3 centres was $7369/m² compared to $12,624/m² for the part-sold core New Zealand portfolio.

Scentre, fully controlled from Sydney following last year’s restructure, is seeking resource consent (non-notified) to double the size of its St Lukes mall in Auckland, but said it had effectively recycled proceeds from today’s sale into Australia already by repaying one series of its property-linked notes, valued at $A280 million, at a weighted average cap rate of 5.9%.

Those notes provided returns based on the economic performance of the Westfield malls at Parramatta, Hornsby & Burwood in Sydney, Southland in Melbourne, Tea Tree Plaza in Adelaide and Belconnen in the ACT, and had had a review date of 31 December 2016.

Scentre said the Glenfield sale to Ross & Dallas Pendergrast’s Ladstone was due to complete on Monday.

An agreement had been signed to sell the other 2 malls to Stride-managed Diversified NZ Property Fund Ltd, a fund which runs a portfolio for some large Australian institutional investors. This transaction is subject to the approval of the NZ Overseas Investment Office and Scentre expects it to close in the first half of 2016 – Stride said in the second quarter.

Scentre said today’s sale would have no impact on its 2015 funds from operations, and reconfirmed its forecast of A22.5c/security.

Stride chief executive Peter Alexander said Diversified’s 2 purchases would cost it $445 million, which puts a price of $104 million on Chartwell. The key terms of Stride’s management agreement include an asset management base fee of 0.6% up to $750 million of funds under management and thereafter 0.5%. Additional fees earned in relation to the management of the acquired assets would include leasing, disposal, performance, development & centre management fees.

Mr Alexander said Stride owned about 2% of Diversified’s convertible notes and would contribute up to $6 million of capital to complete the acquisitions. “Settlement of the acquisition is expected to occur in a restructured investment vehicle, which will continue to comprise the existing investors and be managed by Stride.”

He said the transaction was also not expected to impact on Stride’s previously provided guidance for dividends for this financial year, given the expected timing of settlement.

Earlier stories:
25 February 2015: Scentre to sell the other 4 NZ malls
7 November 2014: GIC buys into 5 NZ Westfield malls

Attribution: Company releases.

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Corrected: 4.7% yield on 2 new fast-food outlets at Colliers auction

2 fast-food outlets sold at yields of 4.7% at Colliers’ commercial auction today, a fitness centre was sold for a whisker under a 7% yield and a café run by the former operators of the Palmers Garden Centre café (centre shut for redevelopment) sold shortly after the auction.

They’re in a new development at Glen Eden by Rhenish Properties Ltd (Nigel Powell, Graeme Edwards & Matthew Chaytor).

The fifth unit in the auction, a Thai restaurant, was passed in.

Charlie Oscroft, Shoneet Chand & Deborah Dowling were the agents on all 5 units.

North-west

Glen Eden

4034-4038 Great North Rd:

Bruce Lee Sushi:
Features: 68.55m²
Rent: $29,750/year net, 10-year initial term from 22 July at $433.98/m²
Outcome: sold for $635,000 at a 4.69% yield

Pita Pit:
Features: 88.68m²
Rent: $37,689/year net, 10-year initial term from 15 July at $425/m²
Outcome: sold for $800,000 at a 4.71% yield

Arum Cafe:
Features: 124.48m²
Rent: $50,000/year net, 10-year initial term from 22 July at $401.67/m²
Outcome: passed in at $775,000 with yield at 6.45%, sold shortly after the auction for $910,000 at a 5.49% yield

Snap Fitness:
Features: 392.91m²
Rent: $127,695.75/year net, 8-year initial term from 22 July at $325/m²
Corrected: Outcome: sold for $1.825 million (corrected from original version, $825,000) at a 7% yield

Aroha Thai Restaurant:
Features: 255.74m²
Rent: $105,000/year net, 15-year initial term from 22 July at $410.57/m²
Outcome: passed in at $1.25 million vendor bid, no other bid

Attribution: Auction.

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Fairfax signs up for Cider, and more mixed-use sites likely for supermarkets

Media company Fairfax NZ Ltd has signed up as head office tenant in Progressive Enterprises Ltd’s $95 million Cider development on the former Soho Square site in Ponsonby.

And Progressive’s property general manager, Adrian Walker, said after a tour of other Countdown supermarket construction sites yesterday the Ponsonby success – and the pressure of intensification in Auckland – would encourage the company to consider more mixed-use developments.

Cider is the commercial half of the development on the old DYC vinegar factory site, which sits behind a row of Ponsonby Rd buildings on 13,609m² between Pollen St, Crummer Rd & Williamson Avenue. The other half is Vinegar Lane, 31 home/office lots sold individually, some reselling for up to $6000/m² and development on others underway at up to $13,000/m².

Although Progressive filled in half the basement area dug out for the 37,000m² Soho Square development previously planned for the site, Cider & Vinegar Lane combined will have 674 parking spaces – 239 for the supermarket, 281 for the shops & offices, 154 for Vinegar Lane.

Fairfax will spend $7 million fitting out offices for its 500 Auckland staff in 3700m² on 1½ floors of the 3-level 7930m² office component. They’re scheduled to move from offices nearby on Hereford St and along Karangahape Rd next June. Fairfax will have naming & signage rights.

The 4380m² Countdown supermarket, with entry at ground level, is scheduled to open in March.

Mr Walker said all but 3 of the 11 specialty shops had been leased in 920m² of the development to food & convenience outlets, and a number of prospective tenants for office & retail areas were working through internal reviews.

“It’s obviously not what we’d normally do, but it’s such a good scheme it gave us an opportunity to revitalise that end of Ponsonby,” Mr Walker said. Would Progressive repeat it? “If we had the right site, yeah. It is something that will occur more, definitely around Auckland, because from intensification the ability to get sites will become very limited.

“Supermarkets will have to be contained in mixed-use developments, and existing sites which house supermarkets currently will be intensified.”

But yesterday he was on tour in more open spaces, visiting the construction sites for new Countdowns at Omokoroa, on Tauranga’s northern outskirts, and at Claudelands in Hamilton, and a Fresh Choice store in Rotorua.

The new Countdown at Hobsonville village opened a fortnight ago, another will open in the NorthWest Shopping Centre at Westgate tomorrow, and others are under construction in Blenheim, Queenstown, and a Fresh Choice at Green Island, over the hill south of Dunedin.

Image above: An artist’s impression of Fairfax’s new office on the Progressive Enterprises development in Ponsonby.

Earlier stories:
3 September 2014: Ebert gets Cider contract
9 September 2013: Progressive’s Cider & Vinegar Lane project gets resource consents
26 August 2012: Ponsonby site goes from maxing-up to individuality
24 August 2012: Cider & Vinegar Lane to replace Soho – it’s different
1 July 2011: Progressive to build supermarket over Soho Square hole
4 November 2008: Bigger Soho Square rejected – but commissioners encourage an amended version

Attribution: Company interviews.

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Westgate opens for business tomorrow

Auckland Council celebrates the birth of its newest town centre tomorrow as Stride Property Ltd (ex-DNZ Property Fund Ltd) opens the first stage of its $155 million NorthWest Shopping Centre at Westgate.

Mayor Len Brown & deputy mayor Penny Hulse will join Upper Harbour MP & Local Government Minister Paula Bennett for a 9am ribbon-cutting ceremony at the mall tomorrow.

The mall, built over the last 18 months, is one part of NZ Retail Property Group Ltd’s wider development masterplan.

It’s ironic that the council should be celebrating the success of collaboration, when so much of the development’s history was affected by non-collaboration – right down to years of the developer using one name, Westgate, which has prevailed over the insistence of councils to call it Massey North.

While the Waitakere City Council supported development – it recognised the need for more business to be based in West Auckland – the Auckland Regional Council was entrenched opposition. But, as I wrote in 2009, “7 years & $26 million of development costs down the track, the 156ha new project has been placed inside the metropolitan urban limits”.

Auckland Council has provided core development infrastructure, including roads, stormwater ponds & an open spaces network. The council’s also providing public amenities – the first completed project is Te Pumanawa, the new town square, and construction of the public library is scheduled to start early next year.

Council city transformation projects manager John Dunshea said yesterday: “The opening of Te Pumanawa & the NorthWest Shopping Centre is a great achievement and is part of the long-term development of the Westgate area. Planning for the town centre development was completed in 2012 after a long process and is a great example of what can be achieved when the council, community & developers work together.”

Earlier stories:
18 October 2013: Plan change 15 for Westgate & plan change 36 for Waitakeres fully operative Monday
19 December 2008: Expanded Westgate a new Newmarket?
8 March 2010: Council says 435ha MUL shift will create 30,000 jobs
18 November 2009: Opposition pushes Massey North start out 8 years from conception

Attribution: Council release.

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Dress-Smart to introduce late-night shopping

Dress-Smart Onehunga will introduce late-night shopping on Thursday 1 October as it celebrates 20 years in business. It will stay open an extra 2 hours on Thursdays, until 7pm.

Centre manager Gaylene Powell said yesterday the advent of late-night shopping was a positive way to recognise the growth of demand for outlet shopping. It’s also about parking: “Research showed us we needed to take the pressure off weekend demand, where parking is often challenging for shoppers. Our tenant buy-in has been very positive and they are excited about the prospect of offering shoppers an ‘after hours’ alternative to the weekend.

“Late-night trading will also bring more families into the centre to enjoy the variety of food & beverage offerings whilst they’re shopping.”

Dress-Smart opened with 20 stores in October 1995 and has 104 stores today, with a net lettable area of 12,626m².

Lend Lease Corp of Sydney bought this Dress-Smart outlet centre, 2 others in Christchurch & Wellington and the Meridian Mall in Dunedin in October 2010 as part of the consortium purchase of the assets of the ING Retail Property Fund, then sold them a year later into a closed-ended unlisted wholesale property fund, the Lend Lease Real Estate Partners NZ Fund, for $197 million.

Primeproperty Group Ltd (Eyal Aharoni) bought Dress-smart Wellington from Lend Lease for an undisclosed sum 2 years ago and renamed it Outlet City Wellington. Lend Lease has the remaining 3 properties on its fund’s books at $246 million.

Oyster Property Group Ltd, now 50% owned by the Brisbane-based Cromwell Property Group, manages the Lend Lease fund’s 3 properties.

Oyster manages over $750 million of commercial property assets through a combination of private property syndicates & institutional property management mandates.

Earlier stories:
6 June 2014: Cromwell buys half of Oyster, McKellar to chair it
21 October 2011: Lend Lease sells 4 NZ retail centres into wholesale fund

Attribution: Company release.

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Foodstuffs to replace Clendon store with Pak ’n Save

Foodstuffs North Island Ltd has decided to replace its New World store in Clendon with a bigger Pak ’n Save supermarket.

It’s had a New World in the Clendon shopping centre since the South Auckland suburb was established in 1984, but Foodstuffs property development general manager Angela Bull said yesterday it was time, after 30 years, for a complete makeover: “We have had a good look at the store and seen there’s a great opportunity for Pak ’n Save to come to Clendon to best meet our customers’ needs.”

The conversion from the present store’s gross floor area of 2993m² to the proposed Pak ’n Save 4706m² will happen in stages and the store will stay open throughout the construction. The redevelopment has consent and Ms Bull expected construction of the first stage of the new supermarket to start in mid-2016.

Attribution: Company release.

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New Browns Bay supermarket opens

Foodstuffs North Island Ltd opened its 2610m² New World supermarket in Browns Bay on Tuesday.

The supermarket at 21-23 Anzac Rd is owned & operated by former Orewa New World owner Gary Christini.

The site of the former New World supermarket in Browns Bay, at 2 Bute Rd, was sold for $2.625 million at auction last May.

Attribution: Company release.

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