The Warehouse Group is aiming to become the number one multichannel and digital retailer in New Zealand, with a new corporate structure designed to meet the challenges posed by transformational technological change.
Despite a significant fall in profitability last year and lagging pre-Christmas sales, The Warehouse Group's shareholders were for the most part complimentary and positive about the company's future at the annual meeting in Auckland on Friday.
Chief executive Mark Powell said retailing had changed significantly in the past few years and the newly restructured group of companies was poised to meet the challenges and return to positive profit growth.
He said the smartphone had given customers more choice, giving them immediate access to information about competitors.
"The power now is with customers and that's a good thing because it puts demands on businesses to keep on improving," he said.
The Warehouse Group's brands include discount retail chain The Warehouse, Warehouse Stationery, Noel Leeming and outdoor adventure sport retailer Torpedo7.