Welcome to the daily market update from Kalkine, let’s walk you through what's going on in New Zealand -
Hospitality businesses will be forced to adapt or go bust during the country's COVID-19 alert level 3, industry experts say. Prime Minister Jacinda Ardern announced businesses such as restaurants and cafes would be able to resume contactless deliveries and pick-ups under level 3, but would not be able to reopen.
The Warehouse says it needs to cut salaries and wages because it cannot reopen stores until the country moves to COVID-19 alert level 2.
Australia's Westfield malls owner will look at rent reductions for hundreds of New Zealand tenants. Scentre Group, the owner of five Westfield malls here and about 36 in Australia, has committed to Australia's Government-mandated SME Leasing Code of Conduct which applies to retail, commercial and industrial tenants and mentioned that the Scentre Group will immediately adopt the code principles and look to implement similar arrangements in New Zealand for affected small.
Bunnings has launched a delivery service for essential winter items during the COVID-19 lockdown period. Bunnings NZ director Jacqui Coombes says their team is committed to providing customers with the essential winter items they need to keep their homes safe, dry and comfortable over the lockdown period.