Sharechat Logo

Slow return to business for some Christchurch retailers

Tuesday 1st March 2011

Text too small?

Retailers in Christchurch have slowly begun returning to business in the week since the magnitude 6.3 earthquake devastated parts of the city.

The number of Christchurch retailers active on the Paymark network more than doubled to 1534 on Monday from 770 last Wednesday, a day after the quake.

Spending yesterday was down 31% on a year ago, but it was an improvement on the average 46% decline over the previous five days, Paymark chief executive Simon Tong said.

During the five days following the quake, spending in the area dropped by almost half.

The 536,563 fewer eftpos transactions represented a total loss of sales on the network of around $24 million, or nearly $5 million per day, Tong said.

The full extent of the damage to the economy will not be clear for some time.

"Businesses were hit hard last year, but this year they've been hit much harder," he said.

The company was providing mobile terminals and financial support packages to Christchurch businesses.

Paymark processes over 75% of New Zealand's retail electronic transactions.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Greenfern Industries Limited (NZX: GFI) Releases Interim Results
Hallenstein Glasson Holdings Limited (NZX: HLG) Announcement of Final Dividend
26th November 2021 Morning Report
EROAD Limited (NZX: ERD) Accelerates Towards Next Phase of Growth
Stride Property Ltd & Stride Investment Management Ltd (NZ: SPG) Placement Size Increased Following Strong Demand
General Capital Limited (NZX: GEN) Announces Very Strong Growth
25th November 2021 Morning Report
Gentrack Group Limited (NZ: GTK) Annual Results for the Year Ended 30 September 2021
Pacific Edge Limited (NZX: PEB) Results for Six Months Ended 30 September 2021