New Zealand jeweler heads for Canadian market

New Zealand-based jewelry maker and retailer Michael Hill International said it plans to open 16 stores in Canada over the next four years, the Associated Press reported.

The first three stores, to be located in or around Vancouver, will be operating by November this year, the company said in a statement to the New Zealand stock exchange, the AP reported. The company plans to open four stores in Canada in its current financial year ending June 30, 2003, and four in each of the next three years. The Canadian business was expected to break even in its second year.

“The growth potential for stores in Canada is enormous and at this stage in excess of 100 stores is a possibility over the next 10 to 15 years,” the jeweler reportedly said.

Michael Hill has 43 stores in New Zealand and 77 in Australia, with plans to open three more stores in New Zealand and six in Australia this financial year, the AP reported.