Independent New Zealand fashion retailers are thriving in comparison to the rest of the world, according to the 2019 Retail Benchmark Report.
The report, which takes a close look at the performance of independent retailers around the world across a number of industries in the last financial year, found that New Zealand indie retailers are punching well above their weight.
They average a higher monthly revenue per store and have a higher average number of monthly transactions per store than all other markets in the report, including the US and Australia.
Kiwi independent retailers outperform retailers around the world when it comes to monthly store revenue, averaging a healthy NZ$32,751. They’re followed closely by indie retailers in the US whose stores earn $32,732 monthly and are 3% ahead of their Australian counterparts who earn an average monthly revenue of $32,661 per store.
Vend founder and director, Vaughan Fergusson, says of the Report: “New Zealanders are clearly choosing to shop with independent retailers, which is a testament to the unique products and experiences local boutiques can offer.
“We’re seeing proof that the physical, bricks and mortar segment of retail is crucial to success. Customers crave a great in-store experience where they can touch and feel beautifully curated product ranges. They want social interactions when they shop, and they want the excitement of discovering something for themselves - almost like a treasure hunt.”
Perhaps unsurprisingly for a country known for its sports and social nature, it was beer, wine, and spirit stores, and sporting goods stores which had the highest gross revenue per month at $79,210 and $54,707 respectively. While cosmetics and beauty stores have the lowest average revenue each month at $17,234. This was quite different to independent retailers in Australia where furniture, electronics and appliance stores had the highest levels of revenue.