Turners among top retailers

Turners Automotive Group has been ranked seventh in a top 10 of the country’s most powerful publicly listed retailers.

The retail power list, published by Stuff, is based on market capitalisation, annual sales, store footprint and size of workforce.

Turners, which has a market cap of $314.7 million, is the largest buyer and seller of used cars, with 20 car dealerships and 10 commercial vehicles and machinery dealerships around the country.

It sells a car every six minutes and sales increased by 13 per cent to $389.6m in the year to March 31, reports Stuff. 

Todd Hunter, Turners’ chief executive, tells the website that the company has achieved record results for three years in a row amid a declining used car market.

The business was set up as a division of Turners & Growers in 1967 but became a separate business in the years following and listed on New Zealand’s Stock Exchange in 2002.

Turners has been expanding into new locations as it increases its market share and Hunter adds work is under way on six sites to be opened over the next two years.

Foodstuffs, which operates Pak’nSave, New World and FourSquare, topped the rankings as its North and South Island co-operatives made a combined $13.1 billion in sales in the 2022 financial year.

Woolworths, the company behind Countdown, SuperValue and Fresh Choice, was second and Wesfarmers, the parent business of Kmart and Bunnings, came third.