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


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news