NZ Retail Crisis: 61 Shops to Close in Just 10 Days as ‘Disappointment Gap’ Hits Businesses

By Lions Roar News Business Bureau

AUCKLAND, NEW ZEALAND (Friday, January 16, 2026) — The New Zealand retail landscape is facing a brutal start to 2026, with 61 store closures announced in the first ten days of the year alone. Major national brands and decades-old local institutions are among those shutting their doors, sparking fears that the country’s economic liquidation numbers will worsen before any recovery takes root.

The wave of closures highlights a growing “disappointment gap”—a term used by economists to describe the space between expected recovery and the harsh reality of low consumer spending.

🛍️ The Falling Giants: EB Games, Miniso, and Yoyoso

Several household names are leading the exodus from the high street:

EB Games: The gaming giant has confirmed it will close its New Zealand shops at the end of this month. Massive 50% off sales triggered huge queues at malls yesterday as fans rushed to grab final bargains.
Miniso & Yoyoso: Both retail chains have officially entered liquidation, totaling a significant portion of the 61 store closures reported this month.
Hospitality Hit: Wellington’s iconic Leuven Belgian Beer Café is set to close after a 25-year legacy in the capital.

📍 Small Towns Feel the Burn

The crisis is not limited to the big cities. In Whangārei, two long-standing pillars of the community are disappearing:

Orrs Pharmacy: Closing after 80 years of service.
Rodney Wayne Whangārei: Another established local business forced to shut its doors.

📉 The “Disappointment Gap”

Economist Shamubeel Eaqub warns that the start of an economic recovery is often the most dangerous time for struggling businesses.

“Businesses were saying ‘next quarter things are going to be much better.’ Things were better, but not as much as they expected,” Eaqub explained. He noted that many businesses “overcommitted” by hiring or stocking up in anticipation of a Christmas boom that never fully arrived.

Carolyn Young, CEO of Retail NZ, echoed this sentiment, stating that many shops used up their final cash reserves in the fourth quarter. “If they haven’t managed to cover off their sales in December at full price, their ability to stay alive is compromised,” she said.

⚖️ The IRD Factor & The Election

Insolvency practitioners are also watching the Inland Revenue Department (IRD) closely. Tax debt currently sits at approximately $9 billion, and the government is under pressure to recover these funds.

Keaton Pronk of McDonald Vague noted that January is a “cashflow killer” for businesses due to a mountain of tax obligations (GST, PAYE, and Provisional Tax) falling due while income is low from the holiday period. Furthermore, the upcoming General Election has led many businesses to take a “wait and see” approach, further slowing economic momentum.