Agreed but the bottom is a long way off.
All retails stocks have been hit hard, both in NZ and AU. Just take a read of yesterdays announcement from ASX:RCG, sums it up pretty well. Along with the Warehouse it's all doom and gloom for retail in 2017.
Quote:
The board believes that RCG has been caught up in the widespread sell down of retail stocks over the last few months due to a number of factors, including declining consumer confidence, subdued wage growth, concerns surrounding the housing market, increasing interest rates and the perceived impact that the market entry of Amazon may have on the Australian retail landscape.