WHS - Warehouse Group

[percy]

Interesting article. It seems the Centre last sold in March 2019 for $81.7m to ChCh investor Miles Middleton. Covers 7.35ha and has 33062m2 of lettable space.

The WHS stores will have occupied quite an area of the available space and will not be easy to replace with quality tenants which will further exacerbate any reduction in retail turnover being experienced. Closure coinciding lease expiry is an economic outcome for WHS - I wonder if they negotiated for an extension and didn't get a satisfactory deal or simply wished to exit regardless.

However it is it tells quite a tale regarding the decline in retail spend due to current circumstances and may point to similar issues at other locations nationally. And I thought things were relatively buoyant in ChCh compared to some other parts of NZ.

The new motorway North bye passes Northwood.

[Habits]

Interesting article. It seems the Centre last sold in March 2019 for $81.7m to ChCh investor Miles Middleton. Covers 7.35ha and has 33062m2 of lettable space.

The WHS stores will have occupied quite an area of the available space and will not be easy to replace with quality tenants which will further exacerbate any reduction in retail turnover being experienced. Closure coinciding lease expiry is an economic outcome for WHS - I wonder if they negotiated for an extension and didn't get a satisfactory deal or simply wished to exit regardless.

However it is it tells quite a tale regarding the decline in retail spend due to current circumstances and may point to similar issues at other locations nationally. And I thought things were relatively buoyant in ChCh compared to some other parts of NZ.

Massive loss of rent for owner and a huge space to fill. If he/she has a plan then no worries

[winner69]

Massive loss of rent for owner and a huge space to fill. If he/she has a plan then no worries

Last year Spotlight said they were going to open superstore out that way

[Habits]

Last year Spotlight said they were going to open superstore out that way

That's a Speedy Az answer cheers

[LaserEyeKiwi]

The new motorway North bye passes Northwood.

Ah yes, that makes sense.

[LaserEyeKiwi]

Also, I’m sure Costco will be evaluating these sort of potential sites.

[ronaldson]

Also, I’m sure Costco will be evaluating these sort of potential sites.

That's a good comment. Not sure thou if the Warehouse stores were contiguous spaces in Northwood. Costco would require a sizeable area.

But will be very interesting where Costco goes next now that the Westgate/Norwest store is up and running. I shop there occasionally, but use the service station much more regularly to fuel up as it is miles cheaper than other local options and I pass by a couple of times a week so no need to go out of my way to visit. Well worth the membership for that alone.

[winner69]

Probably WHS working on how they can use AI to their advantage

One bright spark said for a start we could replace Nick with AI …save zillions and likely to improve the company.

[winner69]

Maybe a guide as to how Noel Leeming performing is JB HiFi in Nz

They have a June year / WHS is July year

Over the year JBH sales have been -

Q1 +27.7% on pcp
Q2 +9.8%
Q3.+10.8%
Q4 +1.4%
Full Year +11.3%

But July month sales were +10% so Noel Leeming might have had a boomer end to financial year.

All in all JBH NZ sales were $292m and reported Underlying EBIT loss of $2.2m

Hope Noel Leeming have done better

[LaserEyeKiwi]

Maybe a guide as to how Noel Leeming performing is JB HiFi in Nz

They have a June year / WHS is July year

Over the year JBH sales have been -

Q1 +27.7% on pcp
Q2 +9.8%
Q3.+10.8%
Q4 +1.4%
Full Year +11.3%

But July month sales were +10% so Noel Leeming might have had a boomer end to financial year.

All in all JBH NZ sales were $292m and reported Underlying EBIT loss of $2.2m

Hope Noel Leeming have done better

Yes JB hifi probably the closest comparable to Noel Leeming in terms of product offering and nationwide network. With Interest rates the way they are I would be surprised if large discretionary purchases have held up.