Bargain pharmacist sets up shop in capital
The central Wellington pharmacy scene is set for more competition with the arrival of cutprice operator Bargain Chemist, offering free prescriptions on all fully funded medications.
Bargain Chemist is opening in April at 73 Manners St near the corner of Cuba St – one year after opening its first store in Riccarton, Christchurch.
The Wellington shop will be the fourth in the expanding Bargain Chemist network, including an online store.
Harry Zheng, the pharmacist manager, said the company plans to open 30 stores around the New Zealand by 2021.
Each Bargain Chemist shop has been set up under its own registered company by Atif Malkonyan, and his business partner Peter Shenoda who is based in Geraldine, Canterbury.
Malkonyan and Shenoda also own other pharmacies outside the Bargain brand, in Geraldine, Methven, Kaitaia, and Bayview.
Zheng said a strategy of bulk buying and low margins meant savings of up to 50 per cent on perfumes, vitamins and a wide range of other pharmacy items.
It will be open on all major holidays, including Christmas Day.
Bargain Chemist would bring down prices for pharmacy products and perfumes and was aiming to change that, Zheng said.
Associate director of retail leasing for Colliers International, Ty Dallas, brokered the lease on the 452 square metre shop on Manners St.
He said central business district retail space was limited for larger premises such as Bargain Chemist’s.
‘‘It’s becoming increasingly more challenging to secure large retail spaces in the city with 95 per cent of the space in the area leased.
‘‘In Lambton Quay, the vacancy rate is now only 3 per cent, the lowest vacancy rate in five years.’’
Several new retailers have set up in central Wellington over the past 18 months. public