Farmlands Continues Gaining Market Share

Media Statement For immediate release May 12 2006

Farmlands Continues Gaining Market Share

Rural retailer Farmlands will open its third branch in the Bay of Plenty later this year as it continues to gain market share across the North Island.

Farmlands chief executive John Newland said today Farmlands would open a branch at Te Puna to support existing branches in Tauranga and Te Puke.

“This is a first for us – usually we close a store and open a bigger one. But consumer pressure in Tauranga has been increasing at such a rate that it justifies another store.

Based on Farmlands’ research the company expects the new store to generate $3m sales within the first year and the projected shareholder base to grow by at least 500 in the region.

The Bay of Plenty is an excellent example of the impact Farmlands is having on the bigger rural retail industry players as farmers are looking seriously at all their options.

Over the past few years Farmlands has definitely gained support from its new shareholders who have become disillusioned by uncertainty within the market, Mr Newland said.

The new Te Puna branch will bring the number of Farmland stores to 32 throughout the North Island. The company has nearly 20,000 shareholders and staff of 250.

ENDS

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