Market intelligence, trend analysis and forecasts for the Food and Drink industries across the regions

Companies / Australia

Warehouse Grocery Retreat Piques Takeover Interest

October 2008 | Company News Alert

New Zealand general merchandise retailer The Warehouse Group has announced plans to scrap its grocery retail foray. Blaming tough economic conditions, Warehouse has decided to phase out its Extra hypermarket concept, reverting to its traditional Red Shed brand. Despite anticipated associated costs of NZD12mn (US$7.4mn), the decision sent Warehouse's share price soaring, with a move away from grocery retailing expected to reignite takeover interest in the

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