Archive | Trading conditions

Waitakere opposes Easter Sunday trading

Published 19 December 2007

Waitakere City Council will oppose any law change to allow shops to open on Easter Sunday.

 

Councillors voted unanimously tonight to endorse the status quo of closing on Easter Sunday, with exemptions for stores such as pharmacies & souvenir shops. The council will make a submission to Parliament after the Government called for views on whether shops should be allowed to open that day.

 

Cllr Warren Flaunty said there should be no change to the existing law, for the sake of shoppers, retailers & their staff: “I owned a retail business for 35 years and know the pressures that 7-day trading can place on those owners, their staff & their families. Having one or 2 days off a year is just so valuable to them. Surely we can have one or 2 days a year that are free from rampant commercialism.”

 

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Attribution: Council release, story written by Bob Dey for this website.

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JLL’s new retail chief sees continuing strength in prime vacancy & yields

Published 28 March 2007


Jones Lang LaSalle’s research indicates that vacancy rates within the majority of Auckland & Wellington precincts remain at historically low levels despite a slowdown in the retail boom.


JLL’s new national director of retail, Martin Hudson, said the high occupancy rate was driven by strong retail sales & a shortage of retail property stock. This trend was generally mirrored in shopping malls throughout New Zealand.


“The boom in retail spending, driven by low unemployment & rising house prices, has slowed in the past year but remains well above the lows evidenced in the previous economic cycle,” he said.


Retail rents in prime cbd locations continued to show strong growth and prime suburban rents were following a similar pattern. Conversely, secondary locations have seen minimal growth and the less popular suburbs were experiencing an increasing supply of “problem properties” with longer rental voids.


“In these locations there is a greater realism from both landlords & tenants to work more closely together, to the ultimate benefit of both parties.”


Yields on retail investment sales continued to decline to historically low levels, ranging from 6-7.5%, with levels down 50 basis points from June 2006, reflecting strong investor appetite for limited retail stock. Suburban yields were proving even more competitive, dropping to 5.5% for prime stock. Yield compression continued to dominate valuations of cbd & suburban retail stock and the investment climate for retail real estate continued to be buoyant, with abundant liquidity and scarcity of good product driving investment decisions.


“While conventional wisdom suggests many retail assets are fully priced, investors – both local & overseas – appear to be prepared to pay a premium for the safe haven of prime retail property investments,” Mr Hudson said.


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Attribution: Jones Lang LaSalle release, story written by Bob Dey for this website.

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Westfield changes opening hours

Published 8 November 2005


Westfield NZ Ltd is adjusting its opening hours at its 11 shopping centres:


Shops will stay open until 6pm on non-traditional late nights except for Sundays
3 Auckland centres – St Lukes, Manukau City & Glenfield – which previously opened at 9am on Sundays will now open an hour later, standardising a 10am opening time throughout the country.  Centres will now close at 5.30pm on Sundays
Statutory holiday hours in Westfield centres remain 10am-5pm nationwide.

The changes take effect from 3 January 2006.


Leasing & shopping centre management general manager Clive Mackenzie said the adjustments resulted from several months’ research & consultation.


“6 out of 10 retailers surveyed want to trade after 5.30pm and three-quarters of customers want to see the centres trade after 5.30pm.”


Mr Mackenzie said the Riccarton mall in Christchurch had traded to 6pm for some time and its hours had been well supported by shoppers & retailers.


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