He said a fourth ram-raid in Hamilton might be linked, but police could not confirm this at this stage.
Stirling Sports in Taupō was the first victim in the string of offending. Police believed the two offenders then travelled to Whakatāne, through Awakeri, and on to Rotorua.
Multiple stolen vehicles have been recovered in central Whakatāne, one on Ratima Place and another on Beach St, which are thought to be connected to the offending.
Despite only two people being seen on CCTV, Fenwick believed a large group was involved.
"It's a lot of victimisation, there's a whole lot of stolen cars over the area and there's three ramraids across the Bay of Plenty. It's really disappointing," he said.
It is the eighth heist of a Michael Hill store nationwide in the past year, including a robbery at its Pukekohe store a week ago.
Anyone with information on the ramraids can contact police on 105 or anonymously via Crimestoppers on 0800 555 111.