“One of their unique selling points back in the day was that they had a very large loan book. They ran their own hire purchase for products – they weren’t just appliances, they were furniture, camping, baby goods, kind of like a department store but more in that sort of larger format.”
But Wilkinson said Smiths City’s “biggest misstep” was its move into the North Island.
“They purchased LV Martin & Son, which was a very successful Wellington retailer of appliances. And that was their propulsion right throughout the North Island.
“[They] just continued to grow, but then began to falter.
“[Smiths City] really didn’t have a distinct edge in the North Island and people didn’t know them. They ended up taking expensive…