"It's almost like the floodgates have opened on travel and tourism, and people are going overseas as a family again. We're finding it more challenging," he says. Although the staff were busy trying to sell furniture, they always had time to move a stage light or prop, they were like family to us and we will miss them!" "Target studios closing down is like Avalon studios closing down in the 90s, or when some of the great Hollywood studios from the golden age were forced to close thanks to the digital revolution.
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'Deeply saddened': TV funnyman Leigh Hart says the Target store, where he filmed four seasons of Late Night Big Breakfast, was far more than just a discount furniture store. Now, they have other financial priorities. * Mexican standoff: The untold story of Adrian Orr's war against inflationĪnd with around half of household mortgages due for repricing over the coming year, NZIER principal economist Christina Leung expects retail spending to slow further.Īt the same time, stats from credit agency Centrix show retail businesses are more likely to default on payments, and 50 percent more likely than other businesses to be forced into liquidation.ĭuring the lockdowns, people hunkered down at home and made their spaces more comfortable, says Bielby. * Tova and Today FM are the canaries in the economic mine New figures from the NZ Institute of Economic Research's quarterly survey of business opinion show retail is the most downbeat sector – a net 64 percent of retailers expect times to get even tougher. With marked downturns in categories like furniture, bikes, clothing and camping gear (no surprise given the weather!) retailers are being forced to tighten their belts.
A couple of storemen have lost their jobs. Sale consultant Manjula Mrinalini says she'll shift to the new Sylvia Park store to do battle with the Swedish furniture giant Ikea opening in 2025 assistant manager Himal Dudhiya will move to the revamped Wairau Park store – but some won't be so lucky. Thirty-one years later, he's managing director and has made the tough call to close the company's flagship shop this month. When Robbie Bielby's dad opened the original Target store in Auckland's Dominion Rd in 1992, Robbie was still at primary school. Post-pandemic sales downturns for furniture, bikes, clothing and camping gear are forcing retailers to tighten their belts Business Flagship store closes as NZ’s retailers suffer ‘challenging’ downturn
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