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Investing in our stores<br />
Our footprint growth plans are well under way with projects delivering additional<br />
new stores, replacement stores and the expansion of existing stores. Over the next<br />
five years, we will increase our selling space by approximately 30,000 square metres.<br />
At the same time, we will be refitting the exteriors and interiors of the stores in our<br />
existing network.<br />
This year, we expanded our Pukekohe and Timaru stores and opened a new<br />
replacement store in Gisborne. In September 2011, a new larger store was<br />
opened in Hastings and we commenced trading at our new store in Whitianga.<br />
Silverdale: our most<br />
significant development<br />
in a decade<br />
External modernisation<br />
programme<br />
We are working with our<br />
landlords around the<br />
country on a five-year<br />
programme to improve<br />
the look of the exterior<br />
of our buildings, rolling<br />
out a consistent<br />
modern look across the<br />
portfolio. Maintenance<br />
and initiatives such as<br />
installation of energyefficient<br />
lighting will also<br />
be carried out at this time.<br />
We are targeting around<br />
50 stores under the<br />
modernisation programme.<br />
In-store environment<br />
We believe our customers<br />
come to us as we deliver<br />
‘value for money’ in the<br />
best available retail spaces<br />
in New Zealand. It is vital<br />
to us that we continually<br />
improve our customers’<br />
in-store experience. Our<br />
objective is to have the<br />
right products at the right<br />
price, all with the right<br />
store aesthetics.<br />
Our internal store refresh<br />
and refit programme<br />
continues to deliver a<br />
contemporary, pragmatic<br />
and modern look to<br />
our in-store shopping<br />
environment. This<br />
significant investment<br />
programme will result<br />
in over 60 stores having<br />
a new look by Christmas<br />
2011. Our three Bay of<br />
Plenty stores, Tauranga,<br />
Papamoa and Fraser<br />
Cove, have a<strong>lr</strong>eady<br />
received significant<br />
internal upgrades.<br />
Our programme of modular<br />
investments included<br />
the installation of new<br />
jewellery counters in 41<br />
stores; these significantly<br />
improve presentation thus<br />
supporting sales growth<br />
in this category. A new<br />
look and feel for our book<br />
department is now in place<br />
in 17 stores.<br />
Pah Road, Royal Oak<br />
Resource consent has<br />
been granted for a<br />
new Warehouse store<br />
development at Pah Road,<br />
Royal Oak. Development<br />
is about to commence<br />
and is expected to open in<br />
late 2012. Our architects<br />
have designed a modern<br />
building in keeping with the<br />
surrounding area.<br />
Back in 1994, The Warehouse had the foresight to<br />
purchase a seven-hectare property in Silverdale. Population<br />
growth in the surrounding area of Whangaparaoa and the<br />
encroachment of Auckland had the hallmarks of a future<br />
demographic that could support a large-scale development.<br />
The area, now showing the fastest population growth in New<br />
Zealand, is about to benefit from our new 23,000m 2 retail<br />
development: a unique shopping experience with a more<br />
diverse offer than anywhere else in the district.<br />
This exciting new development will bring together anchor<br />
tenants The Warehouse, Warehouse Stationery and<br />
Countdown. Space for an additional 32 tenants including<br />
fashion, food, homewares and electronic retailers is currently<br />
being marketed. Strong interest has been received from<br />
national retailers to locate on the development.<br />
The area is rich in history and our architects Stiffe<br />
Hooker and construction partner Naylor Love have<br />
incorporated features into the design and build that<br />
showcase Silverdale’s distinctive past. Use of timber and<br />
native plants bring the natural environment to the site and<br />
large sedimentary rocks known as ‘concretions’ – which are<br />
unique to the surrounding landscape – are incorporated<br />
into the extensive landscaping.<br />
This project commenced in 2009 and is being<br />
led by our property team. It is scheduled<br />
for completion in late 2012.<br />
Architect’s impression<br />
PROPERTY FEATURE 18 PROPERTY FEATURE 19