Smiths City to leave founding site after more than 100 years

Monday, 23 September 2024

Smiths City is to leave its founding site in central Christchurch after more than 100 years.

The store will close the doors on its old HQ on the corner of Dundas and Colombo streets and shift operations to its trade outlet at The Colombo Mall in Sydenham.

The move is aimed at trimming costs.

“In today’s dynamic retail environment, it’s essential to adapt and position ourselves for future success,” customer general manager James Matthews said in a statement.

“With two of our large retail sites located just 700m apart, we’ve identified an opportunity to consolidate, optimise cost and enhance our presence.”

No date has been announced for the move, which will also see the Sydenham store renovated in early 2025.

The central city property became Smith’s City’s first premises when Henry Cooper Smith bought 550 Colombo St in 1918 and founded his business as City Market, auctioning grain, livestock and general goods.

The store was later known as Smiths City Market, selling building materials, bicycles, lawnmowers, hardware, camping equipment and other goods.

Then it became Smiths City, selling mostly homewares, and expanded across New Zealand.

Colombo St remained the business’s flagship store. At one stage its premises extended across both sides of Dundas St, linked by an airbridge.

Smiths City is a tenant at the Colombo St store. The large premised with car park was put up for sale in February by owner Smiths City Nominees, a company headed by Christchurch investor and businessman John Butterfield. It remains unsold.

Smiths City has an ongoing lease, paying annual rent of $1.6 million. Matthews said they will sub-lease the site.

The business, including the retail stores and its finance arm, has been owned by investment company Polar Capital since 2020.

It has 18 stores nationally, including in Hornby and Northwood. The company closed its Timaru store earlier this year.