They ran across a disused industrial area, crossed State Highway 29A, and headed in the direction of Truman Lane, beside Baypark Stadium, he said.
"This was a terrifying encounter for the victim, being led with a firearm against the back of her head and bound with her hands behind her back," said Detective Sergeant Craig Rawlinson of Tauranga CIB.
Both the males in the CCTV images provided were disguised during the robberies with balaclavas over their faces.
Mr Rawlinson said the first male they would like to speak to was of medium build and wore dark jeans and a black hooded top. The second male is taller than the first, of a heavy build and was wearing dark pants and a blue t-shirt over a grey hooded top.
Mr Rawlinson said if someone recognised these men, they should not be approached.
Police ask that anyone who might be able to identify these men, or saw anything suspicious in the area at that time, contact Tauranga Police immediately on 07 577 4300.
Information can also be provided anonymously via Crimestoppers on 0800 555 111.