Twenty-Seven Names in Newmarket.
Photo: Google Maps
Another big name is leaving Newmarket, but the local business association says things are looking up for the Auckland shopping district.
Retailer Twenty-Seven Names told customers this week it had decided not to renew the lease on its Newmarket shop.
“Yes, it’s sad and yes, we’re a little emo about it. But we’re not in a position to renew the lease, and we’re choosing to honour the decade we had in that beautiful space rather than stretch it beyond what feels right,” it said in an email.
A number of shops in Newmarket have closed in recent years, including Smith & Caughey, Sportscraft and Route 66.
Retail consultant Chris Wilkinson said shopping areas in Auckland had been jostling for position in recent years.
“Newmarket has faced increasing competition as Sylvia Park continues to add new anchor attractors, while Commercial Bay’s retail and hospitality offer and the luxury quarter on Queen Street have won back shoppers who were being wooed by Westfield Newmarket,” he said.
But he said there were positive signs for the area, including university developments and public transport connectivity that would benefit from the City Rail Link.
“That will unlock new audiences and increased convenience which are key to driving growth in an otherwise fairly flat spending environment. Chemist Warehouse have secured the former Smith and Caughey site, and that will reinvigorate this prime retail strip significantly.
“Challenges have been around the suitability of spaces, with many older and smaller sites no longer being suitable for the needs of today’s tenants. A number of major occupiers moved from the retail strip into Westfield when the refurbished centre opened, and it’s taken time to backfill these sites.
“However, the fundamentals of Newmarket are strong, with significant spending power within its core catchment area and good connectivity. Newmarket is a favourite spot for boutiques to locate and hip brands like Nature Baby, although the decision by Twenty-Seven Names is really just reflective of the evolution of these brands in the way they connect with their markets.”
Newmarket Business Association chief executive Mark Knoff-Thomas said there had been a prolonged period of disruption as the area dealt with Covid and then the economic downturn.
“The last sort of six months, leasing activity has ramped up again. It’s very sad about Twenty-Seven Names closing, but that site has already been leased to another retailer coming in.”
Caitlan Mitchell for Twenty Seven Names.
Photo: Supplied.
He said there had been renewal in some of the areas that had been empty for a while.
“You’ll see in places like Broadway a lot of activity, a lot of fit-outs happening. Other examples like Nuffield St, over the back of Broadway, that’s almost completely full again with leasing.
“By mid-year we should be back up and getting towards where we were before Covid.”
He said times were still tough for retail, but the end of the year had been respectable.
“New Zealand’s been though a pretty tough time and I think there’s some really good reasons to be optimistic about the year ahead for all of us – not just Newmarket, but across the board.
“Every economic downturn has a tragic side of it but also has an opportune side of it as well, where new people come in and things get regenerated. I think we’re probably at that phase of the cycle now where new things are starting to happen.”
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