Auckland department store Smith & Caughey’s will permanently close its Queen Street and online stores, ending 145 years of operation, with 98 staff facing redundancy.
The company cited a combination of factors including increased competition from new malls, economic uncertainty, low consumer spending, and a post-Covid shift to remote work.
Disruptions from ongoing roadworks, the slow City Rail Link development, rising parking costs, and a significant decline in Queen Street foot traffic also contributed to the closure.
Despite efforts to save the business, acting CEO Matt Harray called the decision “heartbreaking” and said all options had been exhausted.
The online store will shut on 30 May, with the Queen Street store closing on 31 July.
In other words, New Zealand’s decline into third world status.