Smith waits to decide on CBD site

7:28 am on 29 June 2012

Big retail chain Smiths City says it is waiting for Christchurch's central city redevelopment plan to be finalised, before deciding what to do with its once flagship central city store.

The listed retailer made a profit of $4.4 million in the year to the end of April - more than double the previous year - as it recovers from the Christchurch earthquakes.

Its main Christchurch store, in Colombo Street, was damaged in the quakes, and only about 65 percent of the original space is in use.

Smiths City's managing director, Rick Hellings, says the firm is reviewing several options for the redevelopment of the site.

"To maximise the value of the site we really want to make sure that it's in synch with everything else that 's happening in the city."

Mr Hellings says rising insurance costs are proving an issue, with annual premiums more than doubling since the quakes.