Well, Torpedo 7 is gone. 1 out of 3.
Next, ditch TheMarket.
Then, ditch the CEO / board and get someone in with a clue how to respond to Kmart, Temu, etc etc.
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I think one of the problems WHS and Kmart is they are fighting for lowest common denominator status when it comes to physical presence. The offerings are little different, pricing is similar and store tidiness/customer service of both treads a fine line between the below par and shambolic. At least here across Auckland.
Can't speak to the online experience though.
Unfortunately it may end up like Deka.
I'm kind of surprised at how bad Torpedo7 has tracked... I know it's underperforming, but I'm not sure it's a $1 firesale sort of deal. I think they were leaders in quite an overpriced outdoor segment. Their closest competitors were Kathmandu, Macpac etc, and they don't have the gear or equipment (e.g. cycles) that T7 has. If anything I think they didn't do a good enough job of positioning themselves as the one stop shop if you're leaving Auckland for the weekend.
I think the quick sale in itself demonstrates the incompetence of Grayson and the team. I see huge potential that Tahua will realise and laugh to the bank with.
With regards to NL, they're really just another player in a very competitive electronics landscape... Competing against PB Tech, JB HI FI and HN but doing it poorly - the service and price points are lacking, and you often get sales hungry vulchers instead of techies wanting to help. I think their real risk is here being lost in a crowded race.
Lastly we come to the Warehouse - what a absolute clown show. 2024 and we still have the $2 goods at $10 prices. The concrete floors and open racks are a far cry from the aesthetic and bright Kmart experience. Across my millennial group, Kmart is seen as passable (and a right of passage for a first flat), whereas the Warehouse is just disdain. On top of this the smart shoppers but from AliExpress and Temu who can drop ship within the week now.
I won't touch on The Market... I don't even know what that frankenstein of a site is...
In conclusion, I think they've shot the wrong horse, and now they're really screwed for the race ahead.
Kmart seem miles ahead, always huge queues while the warehouse near empty. Only places warehouse does well is in places without much competition. Good thing with the warehouse was it it was an easy stock to escape from as the writing had been on the wall for some time.
I sense Nick’s next big disaster will be ‘focusing’ on selling heaps more food …heaps more in most stores that is …not just a fit of butter and a few carton of eggs but heaps of everything
I don’t think Nick quire grasps that you need more than ‘foot print’ to make money selling heaps of food
Kmart are miles ahead. We got a TON of kids stuff from them, from toys to necessities. So do all our friends.
We would never even think to go the Warehouse.
WHS Red Shed stores are just depressing......
Dunedin KMart closed due to semismic risk a few years ago. About to reopen in South D. But an indication of the pull of KMart (and how bad the WHS is) is that companies have been organizing shopping trips to KMart Invercargill.
https://thespinoff.co.nz/business/30...rcargill-kmart
Old news, but a sad inditement on a few levels, but pretty sad for the Warehouse.
Not KMart and only a WHS where I live - been in the Red Shed once and actively avoid the place.
Went into KMart once. Total rubbish. Never been back.