Torpedo7’s new owners have revealed a major shake-up to the outdoor sports gear retailer.
Tahua Partners plan to close its stores in Rotorua and Auckland's Westgate, then convert 10 of the 16 remaining locations to a new offering called The Outlet.
In a statement, it says Torpedo7 will continue to prioritise its online presence and its six flagship stores.
Owner Roger Harper says there's a clear gap in the market - and outlet shopping is always popular.
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Episode Transcript
Now the new owners of Torpedo seven have announced their
plans for the remaining sixteen stores across the country. Tahoe
Group have bought Torpedo seven off the Warehouse Group for
a dollar last year. You remember that the six marquee
Torpedo seven stores will remain open, which is good for
you to know that Westgate locations will shut. But the
(00:21):
interesting part is what's happening to the other ten stores
they'll rebrand is a new retail chain called the Outlet.
Roger Harper is the Tahua Group managing director. He's with
me tonight, Roger. Good evening.
Speaker 2 (00:35):
Hi, Roan, great to talk to you.
Speaker 1 (00:37):
Tell it. What is the what's the cell here? Without that?
Why the rebrand? What's going on?
Speaker 3 (00:44):
Well, some time ago we saw what we thought was
a real gap in the market over here.
Speaker 2 (00:49):
Obviously we actually not the new owners.
Speaker 3 (00:52):
We bought Torpedo seven a year ago and you know
we've been working to turn that business around. We'd also
seen a gap in the market that we thought there
was for outlet shopping, particularly in retail New Zealand. Now,
if you think about outlet shopping, everybody loves outlet shopping.
(01:13):
Opportunity for a treasure hunt to find a brand at
a great price. And we have outlet shopping in New
Zealand think Dress Smart or Manowa Bay that recently opened
in Auckland. But what we're trying to do and well
and outlet malls are massive in Australia, off price retail
massive overseas think TK and TJ Max in the US
(01:37):
and the UK. But we're going to try and put
it all into one store and take it to provincial
New Zealand and some main centers as well. But you know,
you can't stack an outlet mall up in Napier, but
you can provide an amazing store with great brands at
great prices. So we think there's a opportunity there.
Speaker 1 (01:58):
What brands are we talking about and what how much
cheaper are we talking?
Speaker 3 (02:03):
Well you you name a brand, Ryan, and well where
where you know in the market. We'll be buying locally
and buying from offshore and we're hopeful of buying all
the big brands and apparel and footwear in particular, but
sports home a number of categories. It's all about getting
(02:25):
getting great deals and and when you're talking what's it
going to be in terms of price we're saying it's
going to be you know, fifty to sev thirty to
seventy percent of free tail.
Speaker 1 (02:39):
I would say, okay, well this is I mean, if
you're listening in the regions, this will be very welcome news.
I would imagine what about the Torpedo seven stores that
you're keeping the flagship the Marquees stores. You know, why
were you keen on picking up the brand and are
they still performing well? Obviously are and you're keeping them open.
Speaker 2 (02:59):
Yeah.
Speaker 3 (03:00):
Look, we were really keen on the brand. We love
the category New Zealand Outdoors. Who wants to not to
love about the New Zealand Outdoors And the brand was
well known and well loved. It obviously was having a
lot of problems with its previous owner, but weally love
a good turnaround and we saw a real opportunity there
(03:23):
to turn this business around.
Speaker 2 (03:25):
And it has scale.
Speaker 3 (03:27):
It was a significant sized business, so I think it
when it's previous owner had twenty four twenty five stores,
they actually closed a few and we're basically looking for
what is a sustainable model for that brand.
Speaker 2 (03:43):
It actually started out over twenty years ago.
Speaker 3 (03:46):
In Hamilton as a pure online play, and we think
you know, retail channels have changed, but they haven't changed.
We're going back to being more online, having hero stores.
It should be a great experience in the flagship stores,
they'll be well stocked, have great product, great deals. But
(04:07):
online is going to be a major part of it
is a major part of this business and it's probably
going to be a bigger part in the future. And
the existing outlet stores we still able to click and
collect the product from those stores.
Speaker 1 (04:23):
Are we still are we still as into the outdoors
as we as we always have been. I'm just looking
at the Catman Do result, I mean, a less than
stellar result from them today, sort of sport outdoors.
Speaker 3 (04:36):
Yeah, no, I think we are. We love the outdoors
and as I said, wat's they're not to love about
the New Zealand outdoors. I think what it's happened is
it's really gone through an unusual cycle because during the
COVID period, everybody went out and bought a bike or
a tent, or a stand up paddle board or that
(04:56):
sort of thing. So we had a mass assid binge
over those COVID years and the whole industry, including as
you mentioned, Katman Do, has suffered a bit of a
hangover after that. I think a lot of those business
thought that it was the new normal and when stopped
up thinking that business was going to carry on at
(05:18):
that level, and it didn't.
Speaker 2 (05:21):
But it'll come back. It'll go through a cycle.
Speaker 3 (05:23):
As I say, you know, people end up buying new tent,
they'll end up buying a bicycle, a snowboard. You know,
these things will come back again.
Speaker 1 (05:34):
Roger, great to have you on the show. Appreciate your
time this evening. Roger Harper, Tahua Group Managing Director. For
more from Heather Duplessy Allen Drive, listen live to news talks.
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