Woolworths, Australia’s largest retailer, has said that it is not currently planning any further immediate steps into the New Zealand market. The retailer also revealed that it intends to retain its 10% stake in The Warehouse Group.
When Woolworths took its stake in the New Zealand group in September, there was widespread speculation that the company was planning to make a bid for The Warehouse.
”Woolworths continues to evaluate strategic operations in relation to the general merchandise sector in New Zealand. We do not anticipate any immediate further steps under current conditions, and will retain our 10% shareholding in The Warehouse,” Woolworths chairman James Strong told investors at its shareholder meeting today (24 November).
Strong also spoke of the company’s successful integration of the supermarket operations of Progressive Enterprises in New Zealand.
“The successful integration of Progressive Enterprises is particularly pleasing – an outstanding result was achieved in challenging conditions and without any staff redundancies, enabling us to bring the bring the benefits of Woolworths’ lower prices to our New Zealand customers,” he said.