Woolworths sells The Warehouse stake, abandons NZ expansion plans

Mar 13, 2015Updated Jun 1, 20251 min read

Woolworths has abandoned plans to enter the discount department store sector in New Zealand and has sold its 8.8 percent stake in New Zealand retailer The Warehouse Group for NZD86.9 million (USD65.5m), less than half the price it paid eight years ago.

Woolworths said on Tuesday it had sold 30.5 million shares in The Warehouse Group for NZD2.85 a share – a slight premium to the market price of NZD2.72 – to one of New Zealand’s largest retailers, the privately held James Pascoe Group.

Woolworths said The Warehouse investment was no longer required as part of its New Zealand strategy and confirmed that it had given up on its original plan to use the stake as a platform to enter the discount department store sector and replicate its BIG W business.

Tags

About the author

Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

Asia's retail intelligence, in your inbox