Lukewarm retail sales in first quarter as inflation bites

Lukewarm retail sales in first quarter as inflation bites
High inflation and rising interest rates took some of the heat out of retail momentum. (Image: Getty)
Ella Somers
New Zealand's retail sales were tepid in the March quarter as high inflation and rising interest rates took some of the heat out of retail momentum.  Retail sales volumes fell a seasonally adjusted 0.5% in the first quarter after rising 8.3% in the December quarter, Statistics NZ said.The data was below economists’ expectations and points to some downside risk for the second-quarter gross domestic product.  “Inflation hit a 30-year high of 6.9% in the March 2022 quarter and high inflation, rising interest rates and fal...

More Retail

E-commerce deal website GrabOne ceases trading
Retail

E-commerce deal website GrabOne ceases trading

E-commerce deal website GrabOne has ceased trading after its owner went into liquidation on Thursday.Daniel Stoneman and Neale Jackson of Calibre Partners were appointed liquidators of Global Marketplace New Zealand Limited, which operates the GrabOne business in NZ.GrabOne’s web...

Trade Me payment changes anger professional sellers
Retail

Trade Me payment changes anger professional sellers

The move has sparked anger and complaints.

Andy Macdonald 15 Oct 2025
ANZ alternate capital review proposal unveiled
Finance

ANZ alternate capital review proposal unveiled

The bank argues its proposal would cut borrowing costs by 11 basis points.

Andy Macdonald 13 Oct 2025
Smiths City owes creditors $26.8m
Retail

Smiths City owes creditors $26.8m

The outlook for unsecured creditors of the former retail icon Smiths City appears bleak, as liabilities have mounted to more than $26.8 million.Liquidators for the century-old retailer stated in their initial report that 240 creditors were owed money by the company, as reported b...

Staff reporters 09 Oct 2025