Retail co-operative scaling up
Given its reluctance to engage much with the media, here is what we know about the Mitre 10 model.
How is it structured?
The co-operative’s parent has 90.4 million shares issued. Those are owned in 67 parcels by store owner/operators.
How big is a Mitre 10 Mega?
Take the vast new Silverdale store in Auckland’s north. Mitre 10 chief marketing officer Jules Lloyd-Jones said that is around 11,000sq m on a 2.4-hectare site. Generally, Mitre 10 outlets are getting bigger.
How much might a store be worth?
A $30m estimate was put on the Silverdale base when it opened in August. Silverdale is one of the larger stores, and that is the total value of land and buildings.
Who are the owners of the Mitre 10 properties?
Sometimes, it’s investors, sometimes a subsidiary. At Silverdale, Mitre 10 chief legal and property officer Grant Fraser said the 2.4ha site was owned by Mitre 10 Holdings, a subsidiary of the parent. That business has leased the site to the shop owner and the biggest Mitre 10 shareholder, Riviera Hardware Holdings.
How many staff does a typical Mitre 10 Mega employ?
About 120 people, depending on how old and how big the store is. Wage subsidy data for Riviera Holdings, for example, showed the company received payments for 373 staff in its businesses.
What’s different about its newformat stores?
Again, Silverdale is a good example. Changes were made in design, layout and how goods are presented. There are digital shelf labels, a new style of showroom, a treehouse-style playground, a new carpark layout designed more with pedestrians in mind and a garden centre which combines plants with landscaping goods.
How big is head office?
Mitre 10 (New Zealand) declared 327 employees eligible for an initial wage subsidy of $2.2m when Covid broke out, giving an idea of its HQ’s size. The glass-fronted “mothership” is at 67 Corinthian Dr, Albany.
How fast is it expanding?
Since 2016, Mitre 10 has opened seven new stores throughout New Zealand. Fraser said it had expanded or developed at least five to six more stores. That includes plans for Timaru, as well as work carried out previously at Westgate and Mt Wellington.