WEBVTT - Costco, then Ikea: What could be the next megastore and why do we care?

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<v Speaker 1>Kiyota.

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<v Speaker 2>I'm Chelsea Daniels and this is the Front Page, a

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<v Speaker 2>daily podcast presented by the New Zealand Herald. Kiwis will

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<v Speaker 2>finally get to experience the labyrinth that is an Ikea

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<v Speaker 2>store from December fourth. The new Sylvia Park site in

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<v Speaker 2>Auckland is one of the company's largest in the Southern Hemisphere,

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<v Speaker 2>about the size of three rugby fields. There'll be thousands

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<v Speaker 2>of products available online and in store, and yes, they

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<v Speaker 2>will be serving up their famous Swedish meatballs in a

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<v Speaker 2>four hundred and twenty six seat cafeteria. So why do

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<v Speaker 2>we get so excited about international brands setting up on

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<v Speaker 2>our shores and is there enough appetite for Ikea and

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<v Speaker 2>their meatballs to succeed where others? Today? On the front Page,

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<v Speaker 2>Quantum Jump CEO and marketing expert Ben Gooddow is with

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<v Speaker 2>us to explain the hype around one of the world's

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<v Speaker 2>leading retailers. First off, Ben, what is the significance of

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<v Speaker 2>Ikea finally coming to New Zealand.

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<v Speaker 1>I mean, I think there's a number of factors here.

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<v Speaker 1>It is a major, major retail brand globally and one

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<v Speaker 1>of Sweden's grade ex sports. I think to a certain extent,

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<v Speaker 1>the sheer fact that so many Kiwis already have Ica

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<v Speaker 1>products in their homes which they've may be brought back

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<v Speaker 1>from overseas or people are given to them, or they've

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<v Speaker 1>ordered in. And so it's a brand that almost feels

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<v Speaker 1>like it's been here for a while anyway, but a

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<v Speaker 1>bit actually planting itself. And it's very grounding for an

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<v Speaker 1>international brand like that to arrive in New Zealand, not

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<v Speaker 1>unlike a couple of years ago. I think we go, wow,

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<v Speaker 1>you know, we're we're finally there as a nation. We've

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<v Speaker 1>got an IQ, We've a Costco, We've got Nature and

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<v Speaker 1>m Sephora, Victoria's Secret out of the airport. You know,

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<v Speaker 1>brands which are you know, living in a country and

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<v Speaker 1>far flung in the furthest away part of the world.

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<v Speaker 1>In fact, I read today that we are the Ikea

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<v Speaker 1>store in Auckland will be the servist away from Sweden

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<v Speaker 1>store that they have. You know, it can be something

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<v Speaker 1>when when these brands turn up and they've got to.

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<v Speaker 2>Us in terms of Ikere, what makes it like I

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<v Speaker 2>suppose the international juggernaut that it is.

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<v Speaker 1>Firstly, I mean, the product is amazing, you know, it's there.

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<v Speaker 1>They're innovative, they're they're they're sustainable or as sustainable as

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<v Speaker 1>you can be within it with any category like that,

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<v Speaker 1>and they're pushing to be more sustainable forever. They their

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<v Speaker 1>focus on design is is fundamental to their success, you know.

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<v Speaker 1>Be I mean I remember as a as as as

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<v Speaker 1>you know, probably not long after I left store, going

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<v Speaker 1>to be opening of a first Ikea in London and

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<v Speaker 1>queuing up that day to get in and I didn't

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<v Speaker 1>even really know what Ikea was, something to do on

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<v Speaker 1>a on a Sunday, but but being bowled over by

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<v Speaker 1>by the design, you know, the that simple Swedish aesthetic

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<v Speaker 1>and you know it really it's not just furniture. Albeit

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<v Speaker 1>I also have cursed and I once foolishly brought a

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<v Speaker 1>foot on from my Ikea. And I'm sure if any

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<v Speaker 1>anyone watching this imagines, you know, flat pack assembling a

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<v Speaker 1>futon in a time where I did not own a

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<v Speaker 1>power drill, so I had to hand hands through it.

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<v Speaker 1>Every last through it was. I have the I have blisters,

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<v Speaker 1>and I was not a happy person. But but the

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<v Speaker 1>bouton was sensational.

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<v Speaker 2>It's that's part of the fun of it, isn't it

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<v Speaker 2>the flat pack. I mean I say fun in quotation

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<v Speaker 2>marks because I personally don't think it's fun. But in

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<v Speaker 2>terms of I mean you mentioned London in that.

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<v Speaker 1>What when?

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<v Speaker 2>What would that have been?

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<v Speaker 1>That was nineteen eighty eight.

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<v Speaker 2>Yeah, it was it the same kind of huge sensation

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<v Speaker 2>it was even then than it is now because in

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<v Speaker 2>the eighties you didn't have social media or the Internet

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<v Speaker 2>and things like that.

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<v Speaker 1>Yeah, it's funny. I was reflecting on that the other day,

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<v Speaker 1>I mean especially asked for it's almost I don't know

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<v Speaker 1>I remember it. I don't know why I was there.

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<v Speaker 1>I don't know how I knew it was going on.

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<v Speaker 1>Maybe there was an advert in the Evening Standard. It

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<v Speaker 1>wasn't far from my flat, but it felt big. I

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<v Speaker 1>remember going to work the net's day and wherever, you know,

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<v Speaker 1>people were talking about it, and so I guess it was.

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<v Speaker 1>It must have been on the news. It must have

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<v Speaker 1>been on the radio. Maybe there was a piece of

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<v Speaker 1>it in the Standard in the morning where people are

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<v Speaker 1>getting on the tube with their newspaper. But you're right,

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<v Speaker 1>I mean the I think it's fun. Only now, having

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<v Speaker 1>lived now with social media for ten fifteen years, we

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<v Speaker 1>almost forgotten. How did these things get shared and amplified

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<v Speaker 1>and so on. Before all that happened, but I guess

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<v Speaker 1>we just found other ways. I mean apartment of meals.

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<v Speaker 1>People talk to each other about it.

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<v Speaker 2>Do you think Ikea will have to adapt to the

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<v Speaker 2>Kiwi market or is Ikea just Ikea?

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<v Speaker 1>Well? I think initially, I mean they are just Ikea

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<v Speaker 1>their product range. They're not going to develop products just

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<v Speaker 1>for this market. And are you know, not quite sure

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<v Speaker 1>what products we were uniquely we would uniquely need. I mean,

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<v Speaker 1>we're a lot different for the rest of the world. However,

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<v Speaker 1>they have done a lot of groundwork, which they've talked

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<v Speaker 1>about some of their media relations around going into Keiwi

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<v Speaker 1>homes and understanding what how key we use products, what

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<v Speaker 1>they need. I think probably understanding things like how key

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<v Speaker 1>we use their garages, you know, as well as their

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<v Speaker 1>outdoors and so on. So I think probably it will

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<v Speaker 1>be more they'll show up with the ranging because they

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<v Speaker 1>they'll have a vast array of ranges, but not everything

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<v Speaker 1>will be as appropriate in autund as it might be

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<v Speaker 1>in Tokyo or New York or whatever. So I think, yeah,

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<v Speaker 1>we'll get a profile which will be developed deemed appropriate

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<v Speaker 1>based on those insights.

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<v Speaker 2>What do you make of the main freight partnership? Is

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<v Speaker 2>that something quite unique for those who don't know they're

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<v Speaker 2>going to be doing this main freight to home service

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<v Speaker 2>and the offer will take heavier items into people's homes

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<v Speaker 2>if that was their preferred option. That's quite revolutionary because

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<v Speaker 2>I always fret when I buy something or a piece

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<v Speaker 2>of furniture thinking am I going to fit it into

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<v Speaker 2>my car? Or am I going to be able to

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<v Speaker 2>carry this up my drive? So that's quite a unique

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<v Speaker 2>having a main freight you know, a couple of them

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<v Speaker 2>actually lug it into your house is quite special.

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<v Speaker 1>Yeah, well, they are operating distribution in some other markets,

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<v Speaker 1>especially where they don't have those those stores. I mean,

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<v Speaker 1>it's certainly a very smart, strong play for this market.

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<v Speaker 1>You know, the suddenly you know they've only got one store,

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<v Speaker 1>but it's almost like have they got twenty nine stores?

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<v Speaker 1>And we're also living in an evolved age of e commerce.

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<v Speaker 1>People's happiness buying online ever since Covid was a bit

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<v Speaker 1>of a game changer for online buying in New Zealand,

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<v Speaker 1>which is has always been a little bit behind the

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<v Speaker 1>rest of the Western world in terms of uptake on

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<v Speaker 1>e commerce. But it kind of makes sense for Ikea,

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<v Speaker 1>especially once people have some familiarity with products. You know,

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<v Speaker 1>if you're if you're living down country and your your

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<v Speaker 1>friend is that it shows you shows you their foot

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<v Speaker 1>on which they're really delighted with, and you go, well,

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<v Speaker 1>I'll have one of those, you know. You you can

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<v Speaker 1>just order one and you can pick it up from

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<v Speaker 1>your main freight delivery, so it's aluld have it delivered

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<v Speaker 1>into the house. So I think it's going to allow

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<v Speaker 1>their distribution to be really powerful, and for other brands

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<v Speaker 1>that are in that that, especially about heavier furniture offering,

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<v Speaker 1>it's going to put some pressure on it.

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<v Speaker 3>Your opening is also going to allow many New Zealanders

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<v Speaker 3>for once again experience the loved Swedish meatballs that they

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<v Speaker 3>remember from visiting Ikea stores overseas. I think all of

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<v Speaker 3>us who have lived overseas, and I did so for

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<v Speaker 3>some time, are very familiar where you put an itinerary

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<v Speaker 3>together for your key, we friends and family coming to

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<v Speaker 3>visit you, and they say that's very lovely, but can

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<v Speaker 3>we go to ikeamost and whether it's in Chicago or

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<v Speaker 3>London where I was for some time, they say that

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<v Speaker 3>looks great, But let's get to the Ikea quickly, please.

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<v Speaker 2>The only reason I can think of for Ikea that

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<v Speaker 2>that mat would perhaps not make it work so well

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<v Speaker 2>here is that because there's been an absence in the

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<v Speaker 2>market of ike for so long. The likes of Kmart

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<v Speaker 2>and the warehouse have their own flat pack furniture, obviously

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<v Speaker 2>not to the scale of as Ikea, but people have

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<v Speaker 2>gotten you know, cupboards and bookshelves and desks and things

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<v Speaker 2>like that already. Do you think that ike as products

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<v Speaker 2>will hit as hard as it would have without those competitives,

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<v Speaker 2>or do you think Kmart and the warehouse and the

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<v Speaker 2>like should just give up now?

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<v Speaker 1>Oh? No, I mean I think it's always I mean,

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<v Speaker 1>first of all, I mean, the people like to have choice,

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<v Speaker 1>and you're going to have loyal shoppers that km loyal

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<v Speaker 1>shoppers at the warehouse. Ike is going to come in

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<v Speaker 1>and it won't be for everyone, and I think in

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<v Speaker 1>a way probably, I mean, it'll be interesting in both

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<v Speaker 1>retailers have been doing research on what might happen once

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<v Speaker 1>I care in market and how does it maybe reshape

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<v Speaker 1>their ranging. You know, they may go down a price

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<v Speaker 1>pointing strategy, or you know, if there's resistance flat pack

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<v Speaker 1>do do they have less? You know, maybe not quite

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<v Speaker 1>so flat pack not more ready to go. And also,

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<v Speaker 1>I mean fundamentally is for business they're in. I mean

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<v Speaker 1>I think provided they can they can see an appropriate

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<v Speaker 1>ROI they'll you know that they'll stick at it, but

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<v Speaker 1>they probably need to. It may make them think about

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<v Speaker 1>the ranging and what you know, because they may find

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<v Speaker 1>they get really disrupted in some areas but maybe less

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<v Speaker 1>so in others.

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<v Speaker 2>Can you show some examples of perhaps international brands that

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<v Speaker 2>we've gotten quite excited about and that have actually thrived

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<v Speaker 2>in New Zealand. Of course I'm thinking initially straight off

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<v Speaker 2>the back. Costco, for example, that was huge when I came.

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<v Speaker 2>I went to Costco on the second weekend that it

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<v Speaker 2>was open, and I regret it. It was terrifying.

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<v Speaker 1>Yeah. Well, actually I went the opening day. You can

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<v Speaker 1>tell I'm a bit of an opening day junkie, and

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<v Speaker 1>I went round and it was, Yes, it was quite

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<v Speaker 1>quite the thing. I mean, the cues for crowds, that's

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<v Speaker 1>the trap for traffic was I deliberately part of the

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<v Speaker 1>little way away and I walked in. I decided I

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<v Speaker 1>didn't want to get stuck in the car park. I

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<v Speaker 1>think part of the big thing was with the sheer bars,

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<v Speaker 1>the smiles on people's faces, the cues for the for

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<v Speaker 1>the one dollar hot dogs, and and I think just

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<v Speaker 1>the you know, Costo, like I hear, it's a scale thing.

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<v Speaker 1>You know, it's big and you know very much. You know,

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<v Speaker 1>a retail a retail cathedral, and so yeah, that babe,

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<v Speaker 1>I mean certainly in Costco is just hasn't got quieter.

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<v Speaker 1>You know, like the the ques, especially at weekends are

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<v Speaker 1>are quite incredible, although they do pretty well at pumping

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<v Speaker 1>people through, but yeah, anytime you want to go over,

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<v Speaker 1>you're going to see it's going to be pretty busy.

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<v Speaker 1>And the cue for their their hot roast chickens and

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<v Speaker 1>things is never seems to diminish. They just get wiped out.

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<v Speaker 1>So I mean, yeah, they've done well. I mean some

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<v Speaker 1>others have found a little bit harder. I think, you know,

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<v Speaker 1>Sephora has found a little bit harder. Obviously. You know,

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<v Speaker 1>the top Shop brand came into New Zealand, although it

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<v Speaker 1>wasn't it wasn't directly owned by top Shop itself, so

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<v Speaker 1>it was through a local partnership, so it didn't have

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<v Speaker 1>the same financial dynamics that it would be a fit

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<v Speaker 1>have been the actual brand owner coming in in terms

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<v Speaker 1>of margin. So I think they found a bit tougher

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<v Speaker 1>because they opened up at a magnificent site on Queen

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<v Speaker 1>Street and it was a really lovely store, and foot

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<v Speaker 1>traffic to it looked pretty good. But I think just

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<v Speaker 1>getting those most margin aspects of your overhease too high,

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<v Speaker 1>it's just very hard in retail. And you know, we've

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<v Speaker 1>had other brands here, I mean, you know, Laura Ashley

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<v Speaker 1>body Shop and so on. It's still kind of come

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<v Speaker 1>and gone, but they they've also been having challenges. You know,

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<v Speaker 1>some retail brands go through challenges globally anyway, just as

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<v Speaker 1>trends change. I mean, the retail chain it's not quite

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<v Speaker 1>on the same level as I here. But the ones

0:12:58.640 --> 0:13:00.480
<v Speaker 1>who are really killing it over here of time in

0:13:00.520 --> 0:13:05.200
<v Speaker 1>his chemist Warehouse, and you know, they they've really tapped

0:13:05.280 --> 0:13:07.920
<v Speaker 1>into something that you know, we didn't really have that

0:13:08.240 --> 0:13:13.720
<v Speaker 1>large scale, low cost chemist pharmacy offering and all those

0:13:13.800 --> 0:13:17.280
<v Speaker 1>brands before. And you know they, I mean I just

0:13:17.360 --> 0:13:21.360
<v Speaker 1>saw yesterdays a new one going up to Stabba Road

0:13:21.520 --> 0:13:24.880
<v Speaker 1>and go wow. They I mean, they're they're they're just

0:13:25.160 --> 0:13:26.080
<v Speaker 1>going gamebusters.

0:13:26.679 --> 0:13:29.200
<v Speaker 2>Yeah, They're popping up everywhere, aren't they. I mean, if

0:13:29.280 --> 0:13:32.680
<v Speaker 2>you could waive a magic wand and have an overseas

0:13:32.760 --> 0:13:35.679
<v Speaker 2>retailer come here tomorrow, or really look at New Zealand

0:13:35.840 --> 0:13:39.480
<v Speaker 2>as a really good option, what would it be. I

0:13:39.600 --> 0:13:42.360
<v Speaker 2>know what my couple are, so I've been advocating for

0:13:42.600 --> 0:13:45.760
<v Speaker 2>Audi to come here for a long time. They've just

0:13:46.480 --> 0:13:50.959
<v Speaker 2>grown roots in Australia. And then another one that I

0:13:51.120 --> 0:13:54.400
<v Speaker 2>was thinking of the other day, would would we would

0:13:54.440 --> 0:13:56.719
<v Speaker 2>we like a Walmart or something here?

0:13:58.360 --> 0:14:02.600
<v Speaker 1>Well, in a way, the warehouses a Walmart, so I think,

0:14:03.880 --> 0:14:05.920
<v Speaker 1>I mean, who knows, maybe of Walmart could buy the

0:14:06.000 --> 0:14:09.480
<v Speaker 1>warehouse and then that would that that would be interesting

0:14:10.800 --> 0:14:15.120
<v Speaker 1>the an Audi, Yeah, I mean the the I mean obviously, yeah,

0:14:15.679 --> 0:14:18.839
<v Speaker 1>it's maybe strange to a whole other podcast conversation would be,

0:14:19.480 --> 0:14:23.080
<v Speaker 1>you know, the whole supermarket thing and the you know

0:14:23.280 --> 0:14:25.440
<v Speaker 1>and but but you know, oldie, you know to come in.

0:14:25.680 --> 0:14:27.720
<v Speaker 1>It's it's just with such a you know. One of

0:14:27.760 --> 0:14:29.400
<v Speaker 1>your other questions before is you know, we are a

0:14:29.520 --> 0:14:31.760
<v Speaker 1>very small market for which is why I here. Of

0:14:31.880 --> 0:14:35.600
<v Speaker 1>taking their time to come here. They have been richer

0:14:36.840 --> 0:14:40.240
<v Speaker 1>solutions before that, all richer market options to go into.

0:14:40.880 --> 0:14:44.040
<v Speaker 1>So it's when people do come here, it's because they've

0:14:44.120 --> 0:14:46.120
<v Speaker 1>worked out or they think they've worked out how to

0:14:46.200 --> 0:14:49.840
<v Speaker 1>make money. I mean brands. For me selfishly, it's I'm

0:14:49.880 --> 0:14:53.560
<v Speaker 1>quite passionate about some overseas apparel brands. So there's one

0:14:53.720 --> 0:14:57.040
<v Speaker 1>particular favorite of mine is an Italian brand ORed Boggy,

0:14:57.720 --> 0:15:01.160
<v Speaker 1>and it's it's a it's a web brands, so you know,

0:15:01.320 --> 0:15:03.880
<v Speaker 1>basically you can buy it online. They they they they

0:15:04.000 --> 0:15:07.000
<v Speaker 1>ship out of Australia, but if you actually want to

0:15:07.040 --> 0:15:09.000
<v Speaker 1>go to a store, you usually have to be in Italy.

0:15:09.160 --> 0:15:11.640
<v Speaker 1>But the chances of from companies in a rather slim.

0:15:11.760 --> 0:15:13.640
<v Speaker 1>But then you know, maybe moving back and be said

0:15:13.680 --> 0:15:17.120
<v Speaker 1>for some of some other things in the old days,

0:15:17.120 --> 0:15:18.360
<v Speaker 1>I would have said I would have loved to have

0:15:18.440 --> 0:15:22.320
<v Speaker 1>had a Virgin Megastore here because that was a place

0:15:22.360 --> 0:15:24.120
<v Speaker 1>I spent an awful lot of time in the in

0:15:24.240 --> 0:15:29.920
<v Speaker 1>the eighties and nineties. But as you know, music and entertainment.

0:15:29.960 --> 0:15:33.080
<v Speaker 2>Shopping is when we used to have records and CDs.

0:15:34.040 --> 0:15:37.200
<v Speaker 1>Records and CDs and Virgin Megastore was like the ultimate place.

0:15:37.320 --> 0:15:40.240
<v Speaker 1>Mad and Tower Records of the ultimate places, but they

0:15:40.320 --> 0:15:42.440
<v Speaker 1>don't really exist in the same way now, so it's

0:15:42.800 --> 0:15:43.920
<v Speaker 1>not quite the same call.

0:15:44.400 --> 0:15:50.320
<v Speaker 2>What would convince someone like another one over in Adelaide's

0:15:50.400 --> 0:15:53.520
<v Speaker 2>just got a couple of t K Max's and a

0:15:53.680 --> 0:15:57.040
<v Speaker 2>unique cloth. And then there's another another Japanese brand that

0:15:57.080 --> 0:15:59.760
<v Speaker 2>we were talking about before. I think it's Moojie. What

0:16:00.200 --> 0:16:03.600
<v Speaker 2>would make you know one of those brands actually look

0:16:03.640 --> 0:16:07.560
<v Speaker 2>at New Zealand, what do we have to do well?

0:16:07.720 --> 0:16:10.320
<v Speaker 1>It may partly be seeing some of these other international

0:16:10.480 --> 0:16:15.400
<v Speaker 1>operators succeeding. So I mean Costo, I don't know whether

0:16:15.480 --> 0:16:20.520
<v Speaker 1>Ike have been IQ have been coming for years, and

0:16:20.840 --> 0:16:23.960
<v Speaker 1>I don't know whether Costo actually getting in and breaking

0:16:24.040 --> 0:16:28.800
<v Speaker 1>ground and buildings helped ive Ike similar confidence to come

0:16:28.880 --> 0:16:31.360
<v Speaker 1>into market. It's probably, I mean for them, it's probably

0:16:31.440 --> 0:16:35.040
<v Speaker 1>seeing what is the economic situation, what what is working

0:16:35.240 --> 0:16:39.040
<v Speaker 1>or thriving in New Zealand and and identifying market gaps.

0:16:39.280 --> 0:16:41.160
<v Speaker 1>You know what isn't being said? I think that's what

0:16:41.320 --> 0:16:43.680
<v Speaker 1>you know. Come back to Chemist Warehouse. Why they've done

0:16:43.720 --> 0:16:46.400
<v Speaker 1>well is there was nothing like it in market, and

0:16:47.520 --> 0:16:51.440
<v Speaker 1>you know, the the established retailers of day to day

0:16:51.880 --> 0:16:54.400
<v Speaker 1>pharmacy goods were we're doing in a in a much

0:16:54.480 --> 0:16:58.280
<v Speaker 1>more traditional way. So they've come in discounted, but also

0:16:58.360 --> 0:17:01.240
<v Speaker 1>the arranging is very very different, you know. I mean

0:17:01.280 --> 0:17:04.480
<v Speaker 1>another brand that would be really interesting over here is Primark,

0:17:05.320 --> 0:17:10.040
<v Speaker 1>which is you know again, fast fashion, super cheap. You know,

0:17:10.320 --> 0:17:13.560
<v Speaker 1>it's you can you can get kitched out for so

0:17:13.760 --> 0:17:16.880
<v Speaker 1>little and they and they their stores are massive over

0:17:17.000 --> 0:17:21.880
<v Speaker 1>in particular the UK and multi floor pretty much pick

0:17:21.960 --> 0:17:24.760
<v Speaker 1>up whatever you want. I would have thought the prime

0:17:24.880 --> 0:17:28.719
<v Speaker 1>Ark would kill over here. Actually it would if they

0:17:29.119 --> 0:17:30.600
<v Speaker 1>come back to your point, why would they come here?

0:17:30.640 --> 0:17:32.399
<v Speaker 1>They would just had to establish but there was a

0:17:33.119 --> 0:17:36.520
<v Speaker 1>market gap that wasn't being served well by the existing

0:17:37.160 --> 0:17:38.040
<v Speaker 1>insisting players.

0:17:38.480 --> 0:17:39.800
<v Speaker 2>Thanks for joining us, Ben.

0:17:40.119 --> 0:17:41.520
<v Speaker 1>You're welcome. It's been a pleasure.

0:17:44.560 --> 0:17:47.639
<v Speaker 2>That's it for this episode of the Front Page. You

0:17:47.720 --> 0:17:51.440
<v Speaker 2>can read more about today's stories and extensive news coverage

0:17:51.480 --> 0:17:55.480
<v Speaker 2>at nsidherld dot co dot enz. The Front Page is

0:17:55.520 --> 0:17:58.600
<v Speaker 2>produced by Jane Ye and Richard Martin, who was also

0:17:58.840 --> 0:18:03.280
<v Speaker 2>our editor. I'm Chelsea Daniels. Subscribe to the Front Page

0:18:03.320 --> 0:18:06.920
<v Speaker 2>on iHeartRadio or wherever you get your podcasts, and tune

0:18:06.960 --> 0:18:09.919
<v Speaker 2>in on Monday for another look behind the headlines.