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Mall Pharmacies Buckle Under Sky-High Rents, Supermarket Onslaught

Source: pharmacytoday.co.nz

TL;DR

Mall pharmacies in New Zealand face severe financial strain from skyrocketing rents and fierce competition from supermarkets.
40% of mall-based pharmacies could close within five years without rent relief.
Owners report rents doubling or tripling, squeezing already thin margins.
Government talks with landlords aim to save these community health hubs.

The story at a glance

New Zealand's mall pharmacies are buckling under high rents and supermarket rivalry, prompting urgent calls for intervention. This crisis is spotlighted now as closures accelerate and pharmacy leaders rally for government support.

Key moments & milestones

2010s: Rents in prime malls like Sylvia Park begin sharp rises, from $400-$600/sqm to over $1,000/sqm.
2020: COVID boosts pharmacy demand but supermarkets grab scripts with low-price tactics.
2022: First wave of mall pharmacy closures hits Auckland and Christchurch.
2024: Pharmacy Guild surveys reveal 70% of owners considering exit; talks start with mall owners.

Signature highlights

Rents at Auckland's Sylvia Park have soared to $1,200/sqm, forcing pharmacies to pay $200,000+ annually - more than their script revenue in some cases.
Supermarkets like Countdown and New World now hold 25% of the market, undercutting on volume items and poaching customers.
A single pharmacy in Wellington closed last month after rent hiked 50%, displacing 5,000 regular patients.
Guild president Kevin Sneddon warns of "health deserts" in suburbs if trends continue.

Key quotes

"We're not retailers; we're health providers paying retail rents. It's unsustainable." - Pharmacy owner, Manukau.

"Landlords see us as anchor tenants, but we're drowning." - Anonymous mall pharmacist.

Why it matters

This threatens access to vital local healthcare, especially for elderly and low-mobility Kiwis reliant on mall pharmacies. Without rent caps or incentives, widespread closures could hand pharmacy dominance to supermarkets, eroding service quality. Watch for outcomes from Guild-landlord negotiations by year-end - they could redefine community pharmacy survival.