The past six weeks have been an extraordinary period for this country. The Lions tour, regardless of the results, together with the winning of the America's Cup bought a great deal of joy to Kiwis, and added significantly to the NZ economy both now and into the future.
However, I do wonder at the cost some food and beverage outlets are charging and the benefit derived by patrons.
"I also used to think that eating out in New Zealand was competitive to other countries in the world, but now I am not so sure."
Visitors to New Zealand may well be satisfied with the welcome they have received but they may well ponder the level of costs they have endured whilst they have been visiting our great country.
A Lions supporter I got talking to in Taupo recently was bemoaning the fact that a round of beers for him and his three mates, was an expensive deal, at a cost of $48. When compared to the comparative British pound costs we are well over the top. So when is "fair and reasonable" just that?
"Accommodation and eating out are the two key components that a visitor faces on a visit to any country."
If we want to continue to be seen as the land of "Milk and Honey", it would seem that we would be best suited not to charge so much for either. That way - visitors will not only enjoy their stay but compliment us for being a "fair deal".
Sharewatch | Smith Group
Smiths City Group has finished two years of a five-year turnaround. So far, so good seems to be the outcome at this point.
It’s been a hard few years for the group: although it’s continued to make small profits, it had to close the Powerstore and LV Martin appliance chains (some stores were rebranded to Smiths City), deal with earthquake impacts in Christchurch, and create a more efficient business.
Smiths City Group bought the three-store Furniture City chain in early 2016 to get a foothold in the Auckland market. These stores have “struggled in the face of the recent trading downturn, with sales falling sharply in the fourth quarter”. Softer house prices and higher interest rates in Auckland will have cooled the furniture market there.
This year, Smiths City will convert the Furniture City stores and five other stores to a refreshed Smiths City format. This will hopefully give them the results they’re looking for, with a strong appliances/ furniture offering that can foot it with the big boys.
For now, Smiths City still trades at lower than its “net tangible asset” value of 97 cents per share, and will return $5.7 million of capital to shareholders. This suggests that the company’s expansion into Auckland will be cautious at first.
In the Press
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