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flag Auckland and Wellington retail vacancy rates rose sharply due to economic pressures, with CBD rates at 11% and 9.3%, respectively.

flag Retail vacancy rates in Auckland and Wellington have risen sharply since 2019, with Auckland’s CBD rate jumping to 11% and Wellington’s to 9.3%, driven by economic pressures, high interest rates, cost-of-living challenges, and major store closures like Smith & Caughey and DFS. flag While core retail spending shows a gradual recovery, foot traffic remains below pre-pandemic levels as consumers shift to online browsing. flag Retailers are cautious about expanding or relocating due to uncertain conditions and inflexible leases, though optimism grows ahead of holiday sales. flag Some recovery is seen in the South Island, but city centers struggle to regain former foot traffic, reshaping the retail landscape.

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