Men's gift shop has great growth potentia

Personal Best is in Auckland's premier shopping district. Photo / Supplied

Men's gift store Personal Best in Remuera Rd is being marketed for sale as a going concern through Lawrie McColl, from Affiliated Business Consultants, with an asking price of $67,000 plus stock.

"There are few retail businesses that have the presence, reputation and history that this one offers," McColl says.

Personal Best has been situated in Newmarket for the last 16 years and for 12 years at its current address, 47 Remuera Rd.

"The store operates in a well established destination location and has an excellent reputation across the city. It is immaculately presented with a modern fit-out and has been a nominee in the Top Shop Awards," McColl says.

Personal Best stocks an eclectic range of gifts primarily targeted at male customers.

"The store is extremely well presented with a product range, based around quality, variety, and novelty," says McColl.

"Perennial favourites are mixed with interesting new lines, many of which are exclusive to this shop."

The wide range includes books, clock/radios, cufflinks, electronic gadgets, games, leather bags and cases, smoking accessories, travel accessories, telescopes, outdoor gifts and executive gifts.

"Personal Best is billed as the place to buy gifts for hard-to-please males on their birthdays, for Father's day, Christmas, anniversaries and other special occasions," McColl says.

"It is also popular with personal assistants and executives seeking corporate gifts and is marketed as 'the store with gifts for men who have everything else'."

McColl says he is expecting interest from people who have a real passion for retail.

"There have been a few other men's giftware specialists in Auckland and almost all are now gone. Personal Best has seen off the competition and its owner is poised to reap the rewards as the spring and summer seasons leading up to Christmas and New Year get under way."

The vendors recently invested in new computer equipment and new accounting software, and have upgraded custom display units and installed new flooring.

"They have also invested around $9000 in a new website www.personalbest.co.nz which includes an online shopping cart," McColl says. The business operates within leased premises with the current lease term being for six years with rights of renewal providing a final expiry date in 2018.

Rent reviews are two yearly and the currently rent is $41,900 per annum.

Personal Best is open on weekdays from 9am to 5.30pm and on Saturdays 9am to 4pm. It is closed on Sundays.

"There is ample short-term free parking behind the building which is rare for this area and makes it easy for customers to load their cars," McColl says. He believes Personal Best offers growth opportunities for a new owner. With a new website completed there is the possibility of a high margin alternative revenue stream from an online purchasing facility and new owners could open seven days a week instead of closing on Sundays.

"Personal Best offers an appealing exposure to retailing for either a new entrant or an experienced hand," McColl says. "The business has a good track record and has traded solidly over the last 12 months while several key competitors have failed."

McColl says the current owners are now looking to pursue other goals outside the retail environment.

"They say that the business has been great for cashflow and ease of day-to-day operations, but now it is time to move on, providing a good opportunity for a new operator. Retailing hasn't had an easy run of late but all the indicators suggest the tide is turning so the timing could be ideal for a purchaser and Newmarket remains one of the premier shopping locations in New Zealand."