Briscoe goes after the well-heeled

Briscoe Group will launch a chain of stores specialising in contemporary homeware and gifts to attract well-heeled shoppers.

After mooting plans for a third retail chain for some time, the first of the yet-to-be-named stores is due to open in Britomart in October, followed by up to 10 in the next few years.

Disclosing the venture at the company's annual meeting in Auckland yesterday, managing director Rod Duke said they would be modelled on popular stores overseas such as the Crate & Barrel houseware and furniture chain in the United States.

He said they would fill a gap in the market for "discerning, aspirational shoppers" looking for distinctive homewares and gifts in a superior, compelling retail environment.

It would stock contemporary, European-style products with an emphasis on colour and design.

"There's no store like it in New Zealand," Duke said, describing it as "where you'd go to buy a present for your best girlfriend's wedding".

"Watch out for it, you'll be amazed with what this concept is able to achieve."

The Australian bought the Briscoes Homeware stores in 1989.

Seven years later, he started the now 21-store Rebel Sport chain after having difficulty finding his gear for tennis at one place, and listed the group in 2001.

The new homeware store will occupy 1000sq m on the ground floors of the the Australis and Nathan buildings in the new Britomart development on Customs St. The precinct is being developed by the Bluewater consortium as a new central city retail location incorporating food, fashion and lifestyle stores.

Duke said Briscoe signed the lease last week and work had begun on branding, store design and marketing.

The company is one of the shining stars in the retail sector at the moment, bucking trends of slowing sales with a 10.5 per cent leap in its first-quarter sales this month.

"We're operating in a less than favourable economic environment," said Duke. "The weaker dollar, high fuel prices and interest rates will all play a role in dampening consumer expenditure.

"We remain optimistic that while growth in the coming year may possibly be somewhat slower than in prior years, our brands are well placed to continue the trend of sales and market share growth experienced in most recent times."

Shareholders at the meeting approved an increase in annual directors' fees from $125,000 to $160,00 - the first fees increase since the company listed in 2001.

Shares in Briscoe ended the week down 1c at $1.46.