Bunnings entered New Zealand in 2003. Two decades later, it is finally profitable there. That fact, and the timing of the next expansion phase, matters for anyone modelling the Wesfarmers retail portfolio.

The next phase

Six new stores are planned across 2026 and 2027, five of them in urban catchments in Auckland, Wellington and Christchurch that Bunnings has previously found difficult. The store format is smaller and denser than the classic warehouse style. This is a departure.

The competitor, Mitre 10, has held the New Zealand DIY market for more than fifty years. Bunnings is now, for the first time, meaningfully denting that share. Whether it can push above 25 per cent of the addressable market by 2028 is the question the next fifteen store openings will settle.