Latest / Early Edition with Ryan Bridge / Ann-Marie Johnson: Retail NZ on a new report showing retail supply isn't keeping up with population growth

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Ann-Marie Johnson: Retail NZ on a new report showing retail supply isn't keeping up with population growth · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: So it seems that Keywi's Apparently we still favor the
• 0:02
  Speaker 1: old fashioned in person shopping experience. There's a new report
• 0:05
  Speaker 1: from the consultancy JLL saying we need nearly two hundred
• 0:09
  Speaker 1: and fifty thousand square meters of new retail space in
• 0:13
  Speaker 1: the next five years to keep up with demand. Which
• 0:16
  Speaker 1: when I go down Main Street and I look at shops,
• 0:18
  Speaker 1: even in nice areas, there's shops boarded up, shops with
• 0:23
  Speaker 1: rent signed four leaks on the side of them. Ann
• 0:25
  Speaker 1: Mary Johnson Retailings ed with me this morning, Emory, good
• 0:27
  Speaker 1: morning or a it? So how does this work? Because
• 0:31
  Speaker 1: you do see shops that are sitting empty. Are we
• 0:33
  Speaker 1: talking about we need new retail space in a particular
• 0:36
  Speaker 1: area or a particular type.
• 0:39
  Speaker 2: Look, it's really good to see some positive prospects for retail.
• 0:43
  Speaker 2: I've got to say things have been tough for a
• 0:45
  Speaker 2: long time for our retailers. But I guess the thing
• 0:49
  Speaker 2: is that we've been through these cycles before. We know
• 0:52
  Speaker 2: that eventually the cycle is going to end and retail
• 0:56
  Speaker 2: will pack up. So my read of this report is
• 0:59
  Speaker 2: that it's the towards the future, to the medium term
• 1:03
  Speaker 2: when there will be demand for retail and retail space,
• 1:06
  Speaker 2: and so we need to be ahead of that curve.
• 1:10
  Speaker 1: What about the online situation? Does this take into account,
• 1:14
  Speaker 1: because it's obviously looking at population growth and saying you've
• 1:16
  Speaker 1: got x number of people, you need x amount of
• 1:18
  Speaker 1: retail space. Does it take into account how much shopping
• 1:22
  Speaker 1: New Zealand is culturally, how much we do online?
• 1:27
  Speaker 2: Yeah, we know certainly from our own research and this
• 1:33
  Speaker 2: this report reflects that that bricks and water stores are
• 1:36
  Speaker 2: still way more popular. People might do their research online
• 1:39
  Speaker 2: before they go to do their shop, but the majority
• 1:44
  Speaker 2: of key we still prefer to actually go into a
• 1:46
  Speaker 2: shop to buy the goods that they're looking for, and
• 1:51
  Speaker 2: we seem to be a little bit different from the
• 1:54
  Speaker 2: rest of the world on that. But it's hard to
• 1:57
  Speaker 2: see that trend changing significantly.
• 2:01
  Speaker 1: I can probably count on one hand how many things
• 2:03
  Speaker 1: I've bought online in my entire lifetime. Like I just
• 2:06
  Speaker 1: don't Yeah, I just don't do it. And you need
• 2:08
  Speaker 1: to especially clothes, you need to try them on, don't you.
• 2:12
  Speaker 2: Well yeah, I was just going to say, especially for
• 2:14
  Speaker 2: things like clothes and some of those big purchases as well,
• 2:18
  Speaker 2: you like to touch them and see them before you
• 2:21
  Speaker 2: actually buy yeah, all.
• 2:23
  Speaker 1: Right, Emory, Well, let's hope that this rings true and
• 2:26
  Speaker 1: that we get some more Well, well, first of all
• 2:28
  Speaker 1: that retail gets a bit of a reprieve because I
• 2:31
  Speaker 1: know trading is still flat, and also that we get
• 2:34
  Speaker 1: some more retail spaces. About twenty three minutes after five,
• 2:37
  Speaker 1: you're on News Talks, you'd be Yeah, I think I
• 2:39
  Speaker 1: could probably count, literally count on one hand how many
• 2:43
  Speaker 1: items are clothing, How many items period I've bought online,
• 2:46
  Speaker 1: especially clothing. And you know, if you you know, during
• 2:49
  Speaker 1: winter you put on a little bit of weight and
• 2:51
  Speaker 1: then in summer you ideally lose a little bit of weight.
• 2:54
  Speaker 1: Coming into summer, it gets very hard to try and
• 2:57
  Speaker 1: decide what size you are. You know, you need to
• 2:59
  Speaker 1: actually try them on, get them round.
• 3:01
  Speaker 2: You For more from Early Edition with Ryan Bridge.
• 3:05
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• 3:09
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