Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Five-cent phase out: many retailers will round up

Media release

Newmarket Business Association

Monday, 31 July 2006

Five-cent phase out will see many retailers round up

"The phasing out of the five cent coin during arguably the toughest time in retailing since the Asian economic crisis eight years ago will see many New Zealand retailers take the opportunity to round up their prices despite advice to the contrary," said Cameron Brewer, head of Auckland's leading retailing district, Newmarket.

"The Retailers’ Association is advising retailers to round down the likes of $9.75c to $9.70c. However I suspect given the tough climate there’ll be plenty of New Zealand retailers rounding up to $9.80c.

"Retailers are faced with a myriad of fixed costs which are growing every day. The likes of rates, the cost of loans and petrol are substantially up, but foot traffic and retail spend is down. Rounding up will be a very small way for retailers to re-coup the many increasing costs strangling them.

"The difference between rounding down to $9.70 or rounding up to $9.80 is huge when it comes to fast moving consumerable goods that operate on small margins.

"I have plenty of sympathy particularly for independent owner-operators who decide to round up not down. It's been a particularly tough winter and worse, projected economic growth out front is pretty stagnant."

Mr Brewer said recent Statistics New Zealand figures show that retail across the country has flattened out for the first time since mid-1998.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>