Michael Hill flags possible “rightsizing” of NZ store network

14th April 2026 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Michael Hill says it could trim the number of shops it has in New Zealand, as it prioritises productivity over the expansion of its 282-store global network.

The Kiwi-founded jewellery retailer has 43 stores in New Zealand, 81 in Canada, and 158 in Australia, which includes 36 Breville shops.

In its Investor Day 2026 presentation released today, the ASX and NZX-listed jewellery retailer said that in New Zealand it would refurbish key high-traffic locations to elevate the in-store experience, “while rightsizing the tail of the fleet”.

The could mean closing underperforming shops, with its presentation putting its network target in New Zealand at between 40 and 45 shops, giving it room to trim its current 43-store network.

Across its global network, the company said it wanted to grow online while maximising sales in its existing stores.

It would focus on sales density, disciplined lease renewals and exiting underperforming locations, particularly in its mature New Zealand and Australian markets.

Canada is the only market earmarked for measured expansion, with plans to grow from the current 81 stores to between 85 and 90.

In a trading update, Michael Hill said its FY26 Q3 same store sales increased by 4.6% on the prior year, with Canada up 11.3%, New Zealand rising 7.1%, and Australia lifting by 5.5%.