REBUILD NEW ZEALAND: RETAIL - AUGUST 2020 - PWC
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Rebuild
New Zealand:
retail
August 2020Retail in New Zealand:
an overview
New Zealand’s retail sector has a turnover of
$57.8bn per annum 1
It comprises and employs
c.27,000
businesses
c.220,000
New Zealanders
Retailers are one of the largest constituents
of commercial tenants, providing a significant
source of income to private landlords, real estate
syndicates and some of New Zealand’s largest
pension funds.
“
The COVID-19 restrictions will mean that
the survival of many retail businesses is on a
knife-edge. The wage subsidy has effectively
kept many people employed in retail, and
has helped support consumer spending, but
it is likely that we will see reduced consumer
spending and redundancies across the sector
when that subsidy runs out.
Greg Harford – Chief Executive – Retail NZ2
1
Source: Stats NZ
2
5 August 2020.
01 | Rebuild New Zealand: retailNew Zealand must focus
on local retailers as the
foundation of a sector
recovery strategy
COVID-19 is the most significant challenge in a generation for
consumer-facing businesses. In recent months, retailers have
worked tirelessly to feed the country, look after their staff and
customers and remain solvent. They must now turn to the future
and look for ways to embed resilience, capitalise on accelerating
consumer trends and integrate different business models.
Retail – a barometer on the wider economy
Individual retailers’ experiences during the As a sector, retail has benefited both directly
COVID-19 restrictions and prospects going and indirectly from the Government’s Wage
forward continue to vary substantially. Subsidy Scheme. However, with the current
When the country entered Alert Level 4 in scheme due to end on 1 September (and the
late March, supermarket sales were up and recently announced extension expiring on
panic-buying left many grocery shelves 14 September) and our borders remaining
empty. Those with online capabilities and closed, the economic outlook is uncertain.
whose products were deemed ‘essential’ also We take a look at the numbers that paint a
fared well. For other retailers, including those picture of the retail trading environment since
with a limited online proposition or reliant on the arrival of COVID-19 and consider what
international visitors, it remains a different recent developments in consumer sentiment
story with growing signs of a ‘two-speed’ retail may tell us about what lies ahead for the
environment. These considerations and the retail sector.
risks to the financial viability of New Zealand’s
retailers have become all the more stark as the
country and Auckland (as the largest contributor
to GDP), in particular, are forced back into more
restrictive levels of lockdown.
3
Similar scenes were also witnessed when the Auckland region entered Alert Level 3 on 12 August 2020.
August 2020 | 02Volatile consumer confidence
Uncertainty around the economic impact of – roughly where it troughed in 2008 following
COVID-19, changes in lockdown restrictions and the Global Financial Crisis (GFC). Consumer
what that means for employment is affecting confidence rebounded 8 and 12 points in
confidence in the economy and personal May and June respectively, but was basically
finances. Based on the ANZ-Roy Morgan unchanged in July, remaining well below long-
Consumer Confidence Survey, consumer term historical averages (having recovered about
confidence fell 21 points in April to 84.8 half its fall, but still sitting at around 2009 levels).
House price outcomes and expectations
20.0% 7.0%
6.0%
15.0%
5.0%
10.0%
4.0%
Annual % change
Annual % change
5.0%
3.0%
-
2.0%
(5.0%)
1.0%
(10.0%)
-
(15.0%) (1.0%)
Jan 08 Jan 10 Jan 12 Jan 14 Jan 16 Jan 18 Jan 20
House price inflation (LHS) Consumer house price expectations (RHS)
ANZ Consumer Confidence "Good time to buy a major household item" and retail sales
80 10.0%
8.0%
60
6.0%
40 4.0%
Annual % change
2.0%
20
Net %
-
-
(2.0%)
(20) (4.0%)
(6.0%)
(40)
(8.0%)
(60) (10.0%)
Jun 04 Jun 06 Jun 08 Jun 10 Jun 12 Jun 14 Jun 16 Jun 18 Jun 20
Good time to buy major household item (LHS) Retail sales (RHS)
Source: ANZ Research, Roy Morgan – 31 July 2020.
Retail sector data 18082020.xlsx
PwC Sheet1
03 | Rebuild New Zealand: retailConsumer Confidence was steady in July. It
“
has made back around half its fall, but seems
to have run out of puff for now...The global
economy is in strife, and our doors are shut
to international tourists and students. Our
national income is now lower, and while
it won’t hit people evenly, it will hurt.
ANZ Research, Roy Morgan – 31 July 2020
Trends in household spending
While expenditure on major household items The volatility in consumer spending habits
initially recovered strongly after we moved out can be seen in the Stats NZ electronic card
of Alert Level 4 in June, the net proportion of transactions series data that includes all debit,
households who think it’s a good time to buy a credit, and charge card transactions with
major household item gave up 5 points in July, New Zealand-based merchants. Through our
falling to 0% (a recessionary level), suggesting analysis and data visualisation dashboards (and
the unexpected post-lockdown recovery in retail commented elsewhere), it is readily apparent
spending may fade quite rapidly. The concern that year on year consumer spend on durables4
is that consumer sentiment and spending now exceeds pre-COVID-19 levels, e.g. durables
levels deteriorate as households spend their spending for July 2020 was up $259 million
involuntary lockdown savings (and for some, or 20% (compared to July 2019). Interestingly,
their international holiday budgets), the novelty the recovery in hospitality5 continues with
of ‘supporting local’ fades, Government spending on food and beverage services for
support/subsidies decline, a further period the month of July increasing $92 million (+11%)
of lockdown restrictions is required and year on year, while accommodation services
unemployment increases. continue to suffer due to the border restrictions
with spending down $30 million (-16%) for the
New Zealand has delivered a strong health same period. While some of the year on year
response that has been globally recognised. figures are encouraging, year to date spending
Unfortunately, our elimination strategy may highlights the economic impact of lockdown,
also prove to be our Achilles’ heel as many e.g. year to date electronic spending in the
countries continue to struggle with the virus hospitality and apparel sectors is down -22.3%
and the re-opening of our international and -18.7%, respectively.
borders, e.g. the ‘Australasian bubble’, appears
increasingly unlikely. Despite the increase From a retail sector perspective, the concern
in domestic tourism during the July school remains that more challenges lie ahead as
holidays, the outlook for tourism remains consumer confidence stalls, unemployment
challenging. Jobs lost in the tourism sector increases, household incomes decline, contact
won’t be easily replaced, with the impact falling fear becomes more widespread (in the event of
particularly heavily outside the major cities in further evidence of community transfer) and the
towns such as Queenstown and Rotorua. true impact of COVID-19 works its way through
the New Zealand economy.
4
Furniture, electrical, and hardware, recreational goods, department stores, 5
Accommodation, food
pharmaceutical, cosmetic, toiletry goods and other store-based retailing. and beverage services.
August 2020 | 04Durables - Change in spending last 12 months
Increase Decrease Total Other
0.48bn
2.16bn
2.0bn
0.23bn
1.68bn
0.16bn
1.60bn
1.55bn
0.15bn
1.44bn
1.08bn
1.44bn
1.43bn
1.36bn
1.35bn
1.5bn
-0.05bn
0.02bn
1.30bn
1.29bn
1.29bn
-0.73bn
-0.07bn
-0.01bn
-0.01bn
Value
1.0bn
0.36bn
0.5bn
-0.99bn
0.0bn
ly s st s er s er s
be
r s
be
r s ry s ry s
rch
s ril s y s ne s ly
Ju ble gu ble mb ble tob ble ble ble ua ble ua ble ble Ap ble Ma rable Ju ble Ju
20bn 19 ra Au ra ra Oc ra em ra em ra an ra br ra Ma ra ra 20 ra 20
20 Du 19 Du pte Du Du ov Du ec Du 0J Du Fe Du 20 Du 20
20 Du 20 Du 20 Du 20
Se 19 9N 9D 02 20 20 20
20 9 20 1 1 2 0
2 01 20 20 2
Hospitality - Change in spending last 12 months
Increase Decrease Total Other
0.05bn
0.08bn
1.25bn
0.18bn
1.11bn
0.07bn
1.11bn
1.2bn
1.21bn
-0.03bn
0.02bn
1.07bn
1.05bn
1.05bn
1.16bn
1.16bn
-0.06bn
0.31bn
0.93bn
-0.03bn
1.0bn
0.82bn
0.8bn
-0.33bn
0.56bn
0.62bn
Value
0.6bn
0.4bn
0.2bn
-0.77bn
0.06bn
0.0bn
ly lity st lity
r ity r
lity
r ty r ty ry ty ry ty ty il ty y lity lity ly
Ju gu be tal be be ali be ali ua ali ua ali rch ali pr ali Ma Ju
ne Ju
20bn ita Au ita tem ospi cto ita em pit em pit an pit br pit Ma pit 0A pit ita ita
19 sp sp sp ov os ec os os Fe os os 02 os 20 sp 20 sp 20
20 Ho 0 19 Ho S ep H 1 9O Ho N H D H 2 0J H 0 H 0 20 H 2 H 20 Ho 20 Ho 20
2 9 2 0 1 9 1 9 2 0 02 2
1 0 0 2
20 2 2
Source: Stats NZ, PwC New Zealand
In terms of what to look out for, our dashboard highlights a strong correlation between:
1. Consumer expectations of economic 2. Consumer attitudes towards buying a major
conditions in the next 12 months (Q3. ANZ household item (Q5. ANZ Research, Roy
Research, Roy Morgan Survey) and total Morgan Survey) and electronic spending on
electronic spending (as measured monthly by durables (as measured monthly by Stats NZ).
Stats NZ); and
05 | Rebuild New Zealand: retailConsumer Economic Expectations
Actual electronic spending Household sentiment - next 12 months
30
8bn
6bn 20
4bn
10
2bn
0bn 0
ly st er er er er ry ry h ril y e ly st er er er er ry ry h ril y e ly
Ju gu mb tob mb mb ua rua arc Ap Ma Jun Ju gu mb tob mb mb ua rua arc Ap Ma Jun Ju
0 18 8 Au pte Oc ove ece Jan F eb 9 M 019 019 19 019 9 Au pte Oc ove ece Jan F eb 0 M 020 020 20 020
2 01 Se 18 N D 19 9 1 2 2 20 2 01 Se 19 N D 20 0 2 2 2 20 2
2 18 20 18 18 20 01 20 2 19 20 19 19 20 02 20
20 20 2 20 20 2
20 20
Attitude Towards Major Household Spend
Actual spending on household durables Sentiment toward major household item purchases
2.5bn
50
2.0bn
1.5bn
0
1.0bn
0.5bn
-50
0.0bn
t r r r r l t r r r r l
uly us be be be be ary ary rch pri ay une uly us be be be be ary ary rch pri ay une uly
1 8 J Aug tem cto vem cem anu ebru Ma 19 A 19 M 9 J 19 J Aug tem cto vem cem anu ebru Ma 20 A 20 M 0 J 20 J
O J 1 O
20 018 Se 18 No De 19 9 F 01 20 20 20 20 019 Se 19 No De 20 0 F 02 20 20 202 20
p 9 p J 0
2 18 20 18 18 20 01 2 2 19 20 19 19 20 02 2
20 20 2 20 20 2
20 20
Source: ANZ Research – Roy Morgan, Stats NZ and PwC New Zealand
The ANZ Research-Roy Morgan Consumer early insights in relation to the longer-term
Confidence Survey is likely to be closely watched consequences of declining Government support,
by industry participants in coming months, our borders remaining closed, community
e.g. the correlation between July’s decline in transfer concerns, growing unemployment and
attitudes towards major household spend and declining household incomes.
electronic spending on durables, providing
August 2020 | 06Consumer behaviour
“
A new generation of cautious
consumers
Household debt, financial hardship and
‘contact fear’ will dictate consumer behaviour
and test trust during the recovery phase.
During lockdown, consumers have learnt ...consumers
new shopping habits and will be more
cautious, digitally aware and likely to change
have learnt new
their spending patterns to reflect their new shopping habits
economic reality. and will be more
cautious, digitally
Pivoting back to savings aware and likely
When faced with economic uncertainty,
households tend to increase savings. This, in
to change their
turn, slows the recovery rate for businesses spending patterns
in the short-to-medium term. The GFC saw
savings increased by 10% of disposable
to reflect their new
income and consumption drastically decreased. economic reality.
Significantly, the increase in the savings rate
was not just a short-term spike – it persisted
for almost five years before starting to tail off.
In the wake of the COVID-19 crisis, we can
expect a similarly prolonged precautionary Building trust
savings increase, across large segments of the Tried and trusted brands, and companies
community. Pervasive uncertainty regarding how (particularly New Zealand-owned) with a strong
long the global pandemic will last, the extent of social licence and values-driven narrative
community spread, the effectiveness of contact will have a competitive advantage. For those
tracing and the quest for a vaccine will drive looking to build trust, New Zealand consumers
households to save more. are receptive to progressive, empathetic,
community-focused businesses right now, while
agility is highly valued too.
Consumers are subjecting organisations to
an unprecedented level of scrutiny about their
ethical behaviour. Now is the time when brand
reputations will be transformed – some for the
better, but many for the worse. Then, as we
make progress in the COVID-19 environment,
and national borders are re-opened, visibility
of the supply chain will become increasingly
important. Internationally-owned corporations,
and those registered in offshore tax havens, will
face lower levels of trust, and we can expect that
Government support will not be forthcoming for
these reasons.
07 | Rebuild New Zealand: retailDigital transformation
Online shopping has boomed during the crisis, testing the reliability
of digital platforms and their supply chains. Companies that don’t
have a compelling online shopping experience, or that lag behind
competitors in their online proposition, have suffered.
“
Retail businesses that rely on physical channels,
and fail to invest in a broader omni-channel
approach, do so at their peril. The challenge
here is the ability of retailers to be agile,
i.e. physical supply chains, including warehouse
locations and layouts, are significant investments
and typically set-up for the longer term. Retail businesses
that rely on
Consumer trends physical channels,
Overnight, demand profiles have changed and fail to invest in
dramatically, e.g. from foodservice to retail, from
shop yourself to shop online. The winners will
a broader
be those businesses that respond well to these omni-channel
challenges, doing so efficiently and maintaining
appropriate service levels with their customers.
approach, do so at
Globally, Amazon shares had recovered by early their peril.
April and have out-performed the S&P 500 Index
by 66% year to date6. In Australia, Myer’s online
sales were up 800% over the Easter weekend,
with beauty purchases skyrocketing 7000%
for their one day-only sale on Easter Saturday.7
Closer to home, the Warehouse Group recently
reported that year-to-date online sales were up
nearly 55%, making up 11.8% of its total sales
compared with 7.8% a year ago.8
6
Source: Bloomberg – as at 16 August 2020.
6
Myer Chief Customer Officer, Geoff Ikin – https://insideretail.com.au/news/easter-weekend-drives-strong-online-sales-at-myer-202004
6
9 July 2020 – https://www.stuff.co.nz/business/122080002/retail-therapy-boosts-the-warehouse-sales-after-lockdown
August 2020 | 08A virtual future Reliable infrastructure
While online shopping in New Zealand has seen Businesses will have to adapt to the increased
reasonable growth in recent years, the lockdown demand for online goods and services to remain
has encouraged consumers to embrace the competitive, while warehousing, fulfilment and
digital retail experience like never before. logistics operators will have to expand their
This acceleration of online shopping will compel capabilities in order to improve reliability and
retailers to reassess their long-term store/real productivity (anecdotal evidence suggests that
estate requirements, resulting in further store many consumers experienced frustration and
closures, which may prove unpopular with local delay in the fulfillment of their online orders
communities (as seen previously with the demise over the lockdown period). Improved digital
of retail bank branches). infrastructure, industry ‘last mile’ collaboration,
advanced data and analytics, sourcing and
As consumers become increasingly concerned supply chain efficiencies are essential.
about the state of their local high street,
landlords may also be forced to realise that
the alternative use value for some of their Accelerated digitalisation and
property may be limited. Changes in consumer data reliance
spending patterns, including the continued
As the economy recovers, increased digitisation
shift towards online, will also have an impact on
levels will place higher expectations on
footfall, with the super-regional shopping malls
New Zealand’s digital infrastructure and
expected to continue to draw consumers at
cybersecurity capabilities. Businesses that can
the expense of the local high street and smaller
rapidly adapt to e-commerce and e-services
shopping centres.
demand will be in an enviable position.
These changes in consumer shopping
International online platforms with their
patterns will also cause larger, multi-store and
substantial resources and broad product
international retailers to reassess their store by
range will inevitably seek to take advantage of
store/“four wall” profitability with further store
the increasing shift online and actively target
closures (or market exit) inevitable. As COVID-19
New Zealand consumers. This will put increasing
continues to take its toll on certain sectors,
pressure on local retailers who must enhance
particularly hospitality and tourism, competition
their multichannel proposition and invest in
for the remaining domestic spend will increase
their digital capabilities, including marketing,
with a variety of B2B businesses already using
infrastructure and fulfillment, in order to compete
digital marketing and an enhanced online
effectively and build a loyal customer base.
proposition to engage with and sell directly
to consumers.
09 | Rebuild New Zealand: retailThe future is here
At PwC, we believe that with the right tools and talent, companies
can meet market disruption head-on and ‘reinvent the future’
for their own particular organisation. For companies that cater
to the end consumer, the future is arriving more quickly than
anyone imagined just a few short months ago, accelerating digital
trends that had already been transforming consumer behaviour.
Businesses need to understand how this new world affects all their
touch points with the customer if they are to actively reinvent their
own future and not be at the mercy of external events.
“
The pandemic has accelerated the pace of
behavioural changes around the world —
how people work, eat, communicate, play and
learn. And this extends to consumption patterns,
too, in every category, including groceries,
entertainment, healthcare and even data. It’s
important for B2C companies of all kinds to
Businesses need to
understand the degree to which the current understand how
customer journey has already changed, and just
how different it might still become.
this new world
affects all their
touch points with
the customer if
they are to actively
reinvent their own
future and not be
at the mercy of
external events.
August 2020 | 10PwC Global Consumer
Insights Survey 2020
PwC’s global research across 4. Acceleration of online adoption: Not only
consumers (who were surveyed has the impact of the pandemic reinforced
both before and after the COVID-19 the growing trend for online shopping, it’s
outbreak) provides the following encouraged experimentation, coaxing
consumers to explore different ways to access
key insights:
products and services and accelerating certain
behaviours that have long been brewing.
International insights
Previously, online grocery shopping was well
1. Spending outlook shifts as job losses behind online shopping for non-food items.
mount: Following the outbreak of COVID-19, But what was unthinkable to many just a few
40% of respondents reported a decrease in months ago – buying fresh produce online, for
income as a result of job loss or redundancy. example – has become commonplace.
In addition, the percentage of those who said
they were going to spend less in the next few
months almost doubled, and the number who Most consumers who’ve increased
said they were going to spend more dropped online shopping for groceries will
by more than 10 percentage points. continue current behaviour
Online grocery shopping activity
2. Consumers are spending less on
before COVID-19
non-food categories: Since the outbreak,
people are spending the most on groceries,
in-home entertainment and DIY projects.
For food items, they’re making fewer shopping
trips – 45% say they are shopping less often
9% shopped for groceries
exclusively online
Online grocery shopping activity
for groceries – but filling up bigger baskets. after the COVID-19 outbreak
63% 86%
For most non-food items, consumers are
buying online and, with the exception of
entertainment, media and DIY, spending
significantly less. are buying more are likely to continue
groceries online/ to shop online/by
3. Contact fear: For consumers to feel
by phone than phone when social
confident enough to return to a semblance
before social distancing measures
of normal physical interaction with retailers,
distancing are removed
hotels and other consumer-facing businesses,
the first thing they’ll need is solid assurance
that places of business have a plan to make 5. Consumers focused on healthy living:
their customer experience as safe as possible. Prior to the pandemic, almost half of
However, no matter how safe consumer-facing respondents indicated they were making
companies make their products, supply chains dietary changes (taking supplements,
and stores, the reality is that many of us have implementing plant-based food options or
gotten used to doing more at home – 36% of restricting certain food groups) in an effort
respondents said their household spending to adopt a healthier lifestyle. More recently,
had increased in the area of entertainment PwC has found a huge, renewed focus not
and media, and 26% said their household only on diet, but on the holistic concept of
spending had increased in the combined areas healthy living. However, customers don’t just
of DIY, home improvement and gardening. want businesses to care about them – today
they also expect companies to care about
the planet.
11 | Rebuild New Zealand: retailImplications and
action items
1. Consumer spending: To adjust to recent 2. Safety concerns: To be responsive to
changes in consumer behaviour and safety concerns and at-home interests,
spending, companies should: businesses should:
• understand what shoppers really value • have adequate stocks and provide their
to determine the minimum viable basket employees (if necessary, e.g. following
— the ‘anchor’ products or services Government advice or a change in Alert
that must be available at all times and Level) appropriate personal protective
prioritised through the supply chain; equipment;
• ensure that the supply chain has been • communicate frequently with consumers
recalibrated to maintain delivery of about safety policies, including which
products for this core basket; trusted sources they are relying on for
guidance; and
• make an effort to understand how
customers’ general priorities are • improve employees’ digital fitness so they
changing to put more weight on price can meet consumers where they are for
and value, and use this opportunity to now: online.
re-evaluate their relationship with their
customers; and
• consider new pricing strategies and
loyalty programmes in the digital
ecosystem to drive and maintain
customer engagement.
“
There are also growing signs of a two-
speed retail environment as some categories
experience record sales, while other retailers
appear increasingly pessimistic about their
prospects going forward. Focusing on
customer needs with a differentiated retail
proposition and genuine omni-channel offer
will be crucial in the coming months.
August 2020 | 123. Multi-channel convergence:
The pandemic has clearly highlighted the There’s no escaping the fact that
benefits of mobile shopping – its ease, the retail sector is experiencing
portability and immediacy. However, the unprecedented challenges and will
overarching trend will be towards a multi- continue to do so for some time. There
channel experience, with consumer-facing are also growing signs of a two-speed
companies needing to seamlessly integrate retail environment as some categories
their offline and online experiences. As tools experience record sales, while other
such as digital sizing in fashion, virtual retailers appear increasingly pessimistic
shoppers, consumer collaboration platforms about their prospects going forward.
and augmented reality are introduced and Focusing on customer needs with a
begin to converge, companies should: differentiated retail proposition and
• invest in data and customer relationship genuine omni-channel offer will be crucial
management technology to drive in the coming months.
frictionless commerce and engagement,
including more sophisticated customer These considerations and the risks to
segmentation and loyalty programs; and the financial viability of New Zealand’s
retailers have become all the more
• reskill service staff so they can stark as the country now considers
build content-rich experiences and the economic implications of more
better understand the end-to-end restrictive lockdown levels. It will be
customer journey. important for retailers to stay ahead of
changes in consumer trends and shifts
4. Healthy living: In order to improve customer in the market, considering the customer
wellbeing and foster a culture of innovation, experience at all stages (and across all
companies can: channels) of the purchasing journey. For
• invest in the talent, research most, this will require a reappraisal of
capabilities and digital tools to address their existing and future physical footprint,
consumer concerns; digital strategy, supply chain, distribution
and fulfillment capabilities.
• develop new, sustainable products
and services;
• establish greater inclusivity and
transparency across supply chains;
• find new supply chain partners that suit
shifting consumer demands;
• increase R&D investments into the future
of food and nutrition; and
• train staff to provide a consistent service in
line with their brand/offer.
13 | Rebuild New Zealand: retailContact us
PwC has advised many of New Zealand’s largest listed and privately-owned retailers across a wide
variety of projects and roles, including assurance, tax, capital solutions, transactions services, M&A,
restructuring, real estate, supply chain and digital consulting services.
We have a comprehensive understanding of the rapidly evolving retail environment (offline and
online) and are uniquely placed to combine strategy with technical, industry and execution expertise.
We pride ourselves on a focused partnership approach to our work in the sector, based on
principles of trust, independence and challenging insight, using specialist teams tailored to specific
client needs.
Jeff Blue Craig Armitage
Director Partner
+64 21 892 758 +64 21 616 232
jeff.r.blue@pwc.com craig.armitage@pwc.com
Keren Blakey Peter Chambers
Partner Partner
+64 21 628 226 +64 21 404 015
keren.j.blakey@pwc.com peter.x.chambers@pwc.com
Greg Doone John Schellekens
Partner Partner
+64 21 863 396 +64 27 489 9541
greg.x.doone@pwc.com john.b.schellekens@pwc.com
August 2020 | 14This content is accurate as at 18 August 2020. This content is for general information purposes only, and should not be used as a substitute for consultation with our professional advisors. If you wish to understand the potential implications of COVID-19 for your business, please get in touch. To find an advisor and to see more of our general COVID-19 guidance for businesses, please visit www.pwc.co.nz/covid-19 © 2020 PricewaterhouseCoopers New Zealand. All rights reserved. ‘PwC’ and ‘PricewaterhouseCoopers’ refer to the New Zealand member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.
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