Retail competition sends message to Sylvia Park

Media release

Newmarket Business Association

Wednesday 7 June 2006

Retail competition sends message to Sylvia Park

Auckland’s premier shopping district, Newmarket, has wished Sylvia Park all the best for the Mt Wellington mega-mall’s opening day.

Today the Newmarket Business Association sent a bouquet of flowers and its best wishes to Sylvia Park’s owner and operator, Kiwi Income Property Trust.

“Sylvia Park is a welcome addition to Auckland’s retail offering. We encourage everyone to go and have a look,” said Cameron Brewer – head of the Newmarket Business Association today.

“Retail spending in New Zealand has been increasing at a rate of about five percent every year for the last five years. The retail industry is worth $57 billion to our economy annually. There’s plenty of room for a New Zealand owned and operated mega-mall.

“Having said that, retailing is not all roses as we head into another uncertain winter. However it’s all about finding one’s niche. Sylvia Park is strategically well located - in striking distance of the region’s fast growing south-eastern precinct. Its main competition, nearby Botany Downs, has got to be worried. Those who like Botany Downs will like the look of Sylvia Park.

“Newmarket’s not losing any sleep over Sylvia Park simply because we offer a very different product. We have not spent one dollar on trying to counter Sylvia Park’s mega marketing campaign. Our greatest asset is that we’re home to some of the country’s leading flagship fashion stores and can offer a real on-the-street bustling shopping experience.

“Retailing is a tough game but all the statistics show that each year the pie continues to get bigger. Further, the New Zealand shopping market is increasingly sophisticated and multi-layered. Gone are the days when a mall would open and those on the strip would throw brickbats. Giving bouquets feels much better,” said Mr Brewer

Nearly 40 new stores will open in Newmarket over the next four months, with Westfield’s redevelopment of Nuffield Street and Newcrest Group’s new retail complex next to the Shoe Sheriff on Broadway.

ENDS

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