Two menswear retailers are pulling out of Westfield Riccarton, with YD and Tarocash closing their stores next month.

YD will close on 9 August, while Tarocash will shut its doors on 16 August.

The brands are owned by Australian retailer Retail Apparel Group, known as RAG, which also owns menswear chains Connor and Johnny Bigg.

Tarocash branch manager Mayson Downie told chrislynchmedia.com it was disappointing to see the stores leave, particularly as foot traffic through the mall had increased.

Downie believed the uplift was partly being driven by activity around the new stadium.

“It’s a real shame because the stores were going from strength to strength and sales were strong,” Downie said.

Downie said the company decided not to renew their store leases following an increase in rent.

She said customers had been told about the closures while shopping in the stores.

Downie said it would be interesting to see whether other retailers followed, with a number of leases understood to be coming up for renewal next month.

Both brands will retain a Christchurch presence, with YD and Tarocash continuing to operate stores at Dress Smart Hornby.

Staff from both stores have been redeployed.

Chris Lynch Media understands Connor and Johnny Bigg stores are also considering their future at Westfield Riccarton.

Mall management did not respond to a request for comment.

Retail sector showing renewed confidence

The closures come as the wider retail sector shows signs of renewed confidence, despite continued pressure on discretionary spending.

Retail NZ’s latest quarterly Retail Radar survey found 69 percent of retailers were confident they would survive the next 12 months, up from 61 percent in the previous quarter.

The survey also found 61 percent of retailers expected to meet or exceed their sales targets in the coming quarter, a significant improvement on the 34 percent recorded in the previous survey.

Retail NZ chief executive Carolyn Young said confidence had recovered following a difficult start to the year, when a spike in fuel prices put additional pressure on the sector.

Freight costs also remained a concern, although the proportion of retailers identifying them as a major issue had fallen from 79 percent in the first quarter to 63 percent.

The cost of living remained the biggest concern for retailers.

Despite the improved confidence, recent spending data shows the clothing sector continues to face significant pressure.

Retail NZ said apparel spending in June fell 4.2 percent compared with the same month last year, marking the fourth consecutive monthly decline for the sector.