Following a first half profit drop of 20 percent, Hallenstein Glasson has suffered a 27c share price drop. Chief executive, Graeme Popplewell cited a weak New Zealand dollar and increased competition for the profit loss, while Chris Wilkinson, managing director, First Retail Group said New Zealand needed to evaluate its GST rules around online buying.

“It’s a tough one because when you look at what Hallenstein Glasson is doing, it’s doing the right things as far as its product range is concerned, its service, its whole brand persona, but it’s just a very difficult market,” said Wilkinson.