Talks to renew Supre's lease in Newmarket failed. Photo / Steve McNicholl
Teenage fashion store Supre has closed its doors in Broadway, Newmarket, after negotiations to extend its lease on the popular Auckland shopping strip failed.
The Australian clothing firm has several stores in NZ, including a large one in Queen St. A Supre spokesman said the lease was not renewed for
"dozens of reasons" - the main one being a dispute over the size of the rent.
The company is looking at opportunities in Auckland but is concentrating on the shopping mall market.
"It's normal business [for Supre]. The lease ended and we're looking for new opportunities. It's not a big deal."
The store was in the Rialto Centre on Broadway, and Supre had leased the space for six years.
According to Quotable Value, Ladstone Developments owns the property and the land value of the entire complex is $30 million.
The Retailers Association regional manager for Auckland, Russell Sinclair, said there were several vacant spaces in Newmarket before Christmas. He said last year had been tough for retailers and 2011 was not expected to be much better, with reduced confidence and consumers paying debt and saving.
Retailers were heavily discounting and the post-Christmas sales had continued through into this month.
Mr Sinclair said there had been a steady move away from shopping in Newmarket in recent years.
"Parking on Queen St and in Newmarket is a turn-off when you're competing with malls with supermarkets and cinemas."
