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  • Writer's pictureJuanita Neville-Te Rito

ICYMI AND WHAT WE ARE READING – March 2024


We make it easy for you to keep up to date with what's happening in the world of retail. Check out what we are reading this month and why.



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The red shed are in the red amid NZ retail reckoning, TheMarket.com to be dropped

The Warehouse Group says it will shut down or sell its e-commerce site TheMarket.com in a bid to focus on its core business.  


The group announced its interim results on Wednesday morning, posting a half-year net loss of $23.7 million from $1.6 billion dollars in sales, down 4.9% compared to FY23 H1. 


 
KMD Brands expects lower sales due to weak consumer sentiment

The group forecasts sales to decline 14.5% year over year to $434.2 million amid lower expected sales across all three brands.


Rip Curl and Kathmandu's sales are forecasted to fall 9.2% and 21.5% respectively and Oboz's sales are expected to decrease 20%. Meanwhile the groups gross margin is anticipated to remain resilient at 58.8%.


A combination of weaker consumer sentiment and the warmest winter on record in Australia have had an impact. But, new products and initiatives such as quick-to-market programmes, increased visual merchandising and increased personalisation should translate to better performance.


 
Nearly 150,000 retail crimes reported in New Zealand in 2023

New Zealand saw 150,000 retail crimes in 2023. This is equivalent to 12,383 retail offences per month, 2,850 a week, 407 a day and 17 offences an hour!


Sunny Kaushal, Dairy and Business Owners' Group Chairman, said 2023 broke records for 'all the wrong reasons' and 'to provide a sense of how bad this is, that's nearly triple the 50,840 crimes in 2020 and five times greater than 2015.'


 

Wendy’s dynamic pricing chaos looks to be a case study in stakeholder conflict

Following Wendy's dynamic pricing announcement and subsequent public backlash, the burger business has been on the defence. Wendy's said that it never intended to raise prices at times of peak demand, instead, only intending to lower prices when store traffic was slow.


Many suspect this all came down to a classic case of investors' interests colliding with those of consumers following Wendy's release of its fourth-quatar earnings and conference call with investors.


 
Godfreys to be wound down with 'no viable offers'

Godfreys remaining stores in Australia and New Zealand will be closed by May 31 after administrators fail to find a buyer.


Administrators from PWC received 55 expressions of interest and six indicative offers during the sale process. However, following a comprehensive process to identify a purchaser for the business, none of the offers put forward for the retailer were considered viable.



 
Walmart tops list of 10 most innovative companies in retail

Fast Company's list of The Top 10 Most Innovative Retail Companies of 2024 has been released!


Only one legacy retailer - Walmart made the list. As well a wide range of other business from Erewhon to an online jeweller and livestream shopping app for buying and selling collectables.




 

What we are reading










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