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Francesca Rudkin: It's the end of an era for two classic Kiwi brands · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News Talk sed B.
• 0:12
  Speaker 1: Follow this and our wide range of podcasts now on iHeartRadio.
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  Speaker 2: This week you Marx the end of an era for
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  Speaker 2: two classic Kiwi brands. Department store Smith and Coey's announced
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  Speaker 2: it will shut their doors for the last time at
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  Speaker 2: four pm today, and hosiery manufacturer Columbine said that they
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  Speaker 2: are closing their Gisban factory in August. These are both
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  Speaker 2: sad events. Smith and Coey's has been part of Queen
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  Speaker 2: Street for one hundred and forty five years, Columbine has
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  Speaker 2: been keeping me in opaqu Tits for as long as
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  Speaker 2: I can remember, and others for a little bit longer.
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  Speaker 2: But the news was hardly shocking. Manufacturing in New Zealand
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  Speaker 2: has become increasingly challenging and costly over decades. Retail has
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  Speaker 2: been transformed by online shopping and parallel importing. A disruptive
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  Speaker 2: pandemic didn't help, and continuing economic uncertainty means closures are
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  Speaker 2: an unfortunate reality. And look, it is incredibly tough for staff,
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  Speaker 2: and while no one involved as likely interested and silver
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  Speaker 2: linings right now, we should take a moment to celebrate
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  Speaker 2: that Smith and Culley employ people for one hundred and
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  Speaker 2: forty five years in Columbine for seventy five years. Both
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  Speaker 2: are significant achievements, but it is going to be an
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  Speaker 2: emotional afternoon on Queen Street today. A tough day for staff, shoppers, suppliers,
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  Speaker 2: and those who loved making the annual trip up the
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  Speaker 2: elevator to see Santa Claus and the incredible Christmas displays.
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  Speaker 2: I have a collection of photos in which at least
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  Speaker 2: one of my children is crying while pose next to
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  Speaker 2: the bearded stranger. I know my bad, but the ball
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  Speaker 2: ball for the tree was always appreciated. Many of us
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  Speaker 2: have memories of this Auckland retail icon, whether you live
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  Speaker 2: in Auckland or are visited over the years. Smith and
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  Speaker 2: Coey's initially offered service and products you couldn't get anywhere else.
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  Speaker 2: It was a historic company with a female founder ahead
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  Speaker 2: of her time, set in a beautiful building. Think of
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  Speaker 2: all the secrets and stories hidden in those walls. Smith
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  Speaker 2: and Coey's explanation for closing was a perfect storm of adversity.
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  Speaker 2: In addition to economic uncertainty, they referenced increased parking costs
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  Speaker 2: and ongoing roadworks and the slow progress of the CRL
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  Speaker 2: as having an impact on droppers. While today should be
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  Speaker 2: a day of appreciation and fond memories, retailers can't actually
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  Speaker 2: afford to be quite so nostalgic. There are lessons to
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  Speaker 2: be learned here about moving with the times, adapting to
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  Speaker 2: competition and less exclusivity, and retaining customers. And remember this
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  Speaker 2: looking fine dancing the Glumbine, feeling smooth dancing the Glumbine.
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  Speaker 1: Thank you.
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  Speaker 2: If you remember the eighties, you will remember this jingle.
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  Speaker 2: I'm sure it sounds familiar. Columbine a family business and
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  Speaker 2: the last hosary manufacturer in New Zealand. It's going to
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  Speaker 2: shut its doors and forty five jobs are going to
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  Speaker 2: go once again, reality bites. A written statement from the
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  Speaker 2: company said the decision was driven by a combination of
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  Speaker 2: declining sales and increased operation or costs which made it
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  Speaker 2: unsustainable to continue manufacturing and Gisbon interestingly, recently released data
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  Speaker 2: compiled ber Informentris was looking at the types of jobs
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  Speaker 2: which have disappeared over the last twenty five years. And
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  Speaker 2: if you look at jobs in manufacturing such as sewing
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  Speaker 2: machinists or footwell production machine operator, hidened skin processing machine operator,
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  Speaker 2: netting machine operators, textile dying and finishing machine operators, and others.
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  Speaker 2: Employment has fallen from fourteen, four hundred and seventy two
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  Speaker 2: to five thousand, six hundred and eight since two thousand. Now,
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  Speaker 2: this isn't just because companies have closed, but because technology
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  Speaker 2: has taken over. It's a reminder that change and challenge
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  Speaker 2: are constant in most sectors. So surviving as a manufacturer
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  Speaker 2: in New Zealand for seventy five years is nothing to
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  Speaker 2: scoff at. It's actually very impressive and quite something really,
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  Speaker 2: both companies should be proud of their legacies.
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