Bunnings to close 7 store by the end of June | NZ Market Update

  • Jun 03, 2020 NZST
  • Team Kalkine

Foley Wines has announced the new complex at Te Kairanga vineyard in Martinborough including a new complex housing a restaurant, an underground barrel facility, tasting rooms and a gin distillery. The family also owns the luxury Wharekauhau Country Estate, which recently slashed prices to attract more domestic tourists. American billionaire owner Bill Foley said he had always been passionate about the Wairarapa's wine and the region's tourism.

Barfoot and Thompson's trading data showed sales plummeted during lockdown, from around 330 sales a week pre-Covid-19 to 20 sales a week. Buyers quickly played catch up, with the agency selling 307 properties last week compared to 245 for the same time last year. Managing director Peter Thompson said he was cautiously confident about the market in the coming months and expected increased activity from first home buyers given low interest rates.

Bunnings Warehouse has confirmed the closure of seven stores by the end of June, affecting 145 staff. The closures were first proposed on May 12, ahead of a period of consultation with affected team members. Bunnings New Zealand director Jacqui Coombes said The final decision to close stores had been driven by the trading environment that resulted from Covid-19 and from other factors including lease arrangements, individual store performance and location.

#Bunnings #Foley #Real Estate #Kalkine


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