Dick Smith's stores re-leasing

Dick Smith’s stores by the dozen

Colliers International has re-leased more than a dozen of the 62 Dick Smith’s stores that closed earlier this year, and they have several more under negotiation around the country.

November 2, 2016

Leroy Wolland, Colliers national director of Retail, says nearly half of all the stores nationwide have been re-leased to a range of categories and big brands, however many of the smaller regional locations remain vacant.

“Ex Dick Smith’s stores in locations like Levin, Gisborne, Richmond and Wanganui are still empty.

“Although the former Dick Smith’s stores are typically in the best retail locations in these markets, the issue is around the lack of demand from national brands to enter these smaller cities and towns.

Wolland anticipated these challenges for the smaller regional store locations earlier this year when the Dick Smith’s stores closed down.

“The hesitancy for the bigger brands moving into these locations is around the lack of catchment size. So it’s likely these sites will be back-filled with local retailers as opposed to national branded retailers,” says Wolland.

“We are working on a few options for these locations.”

Most of the Dick Smith’s stores in the major cities were leased to larger, high profile retailers.

Wolland says Colliers has also completed deals with international retailers Witner Shoes and Footlocker who have snapped up ‘high street’ sites in Wellington and Auckland.

“We have also leased a number of stores to new Australian pet retailer, Petstock.

“The opportunity presented by the closure of the Dick Smith’s chain accelerated these brands’ rollout into New Zealand,” says Wolland.

Colliers has also successfully leased stores around the country to homeware retailers Bed Bath & Beyond and Lighting Plus as well as to The Clearance Shed, Hot Spring Spas, Repco, Pricewise and NZ Uniforms.

The Golf Warehouse, Curtain Studio, Citta Homewares and electronic retailers Jay Car, Noel Leeming and PB Tech have also taken over stores.

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About Colliers International

Colliers International Group Inc. is a global leader in commercial real estate services with more than 16,000 professionals operating from 554 offices in 66 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.

Founded in Australia in 1976, Colliers International is the largest locally formed real estate services firm with professionals worldwide. Find out more at http://www.colliers.co.nz/

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