International chain store Panda Mart is causing a frenzy for bargain hunters as its first South Island shop opened its doors in Christchurch this week.
The store at Northwood Supa Centa — which took over the space previously occupied by The Warehouse — offers 53,000 different homeware products at discount prices.
There are more than 100 Panda Mart stores in its stable, including one which opened in the Auckland suburb of Pakuranga late last year.
“Panda Mart, essentially, is a $2 shop on steroids,” First Retail Group managing director Chris Wilkinson told 1News.
“This type of retail concept is very popular around the world as people are looking for value.”
The store is already trending on TikTok and social media platforms.
“I don’t think we have anything quite like this in New Zealand so it feels very new and very overwhelming,” one shopper said. “I see those queues at the front and I’m ready to drop and dash.”
Panda Mart says it’s had an average of 10,000 customers streaming through its doors every day since it opened on Monday.
But there’s concern that among the euphoria of shoppers keen for a steal is an environmental disaster waiting to happen.
“There’s a significant downside,” Wilkinson said. “In many cases do people need all of these products? We’re already facing quite significant environmental challenges in New Zealand with a lot of these types of products coming into the market.”
Some of the low priced bounty is likely destined for the landfill.
“The prices are cheap but you get what you pay for,” one shopper said.
However, it’s still proving too tempting for some.
“I buy a lot off Temu so it sort of matches what Temu prices are,” another shopper added.
Panda Mart has moved into the supermarket space overseas and experts are predicting a similar future here.