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Ongoing Challenges For The Retail Sector
The March retail sales figures show further decline in the sector as Stats NZ reported a 3% decline in the month of March. All store types experienced declines in sales with significant declines in apparel, motor vehicles and fuel.
“The numbers reflect the difficult trading environment for retailers right now. It’s going to be a tough remainder of 2024 with the Reserve Bank indicating that there is some way to go before we will see cuts to the Official Cash Rate” says Carolyn Young, Chief Executive at Retail NZ.
“While the trends of 2024 are mirroring those from 2023, the numbers are down year on year, despite inflationary pressures and high immigration numbers. It’s a worrying trend and the next six months will be critical to retailers being able to see through the year” Ms Young says.
These numbers come on the back of recent announcements of high profile fashion brands Ted Baker going into administration this week and iconic NZ brand Kate Slyvester closing next year.
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