The end of an Arrowtown era

• Published date: 11 April 2024
• Publication title: Mountain Scene

Wallace & Gibbs group, founded by Delvine Wallace and Bruce Gibbs, will close Buckingham St’s IKON and Wallace & Gibbs by mid-year

Wallace says the decision comes with mixed emotions, but ‘‘it feels like the right time’’.

Wallace & Gibbs opened in 1994, while IKON has been trading for the past 18 years, with daughters Sophie Gibbs, Caroline Walak and Elizabeth Wallace-Gibbs growing up in the businesses.

The couple had already owned The Woolpress, and Wallace had a vision to bring upmarket women’s fashion to Arrowtown when Wallace & Gibbs opened.

‘‘Initially it was hard yards, but eventually we developed fantastic relationships with our key suppliers, and the store blossomed.’’

IKON followed in 2006, and rode the wave of growing demand for high-end European, Australian and Kiwi designer labels and denim.

Wallace says both stores have had huge support from their large clientele, particularly during Covid.

‘‘The girls have all worked in the businesses, learning the ropes from the shop floor to executive management level, and they will continue to do so in the future.

‘‘Although the businesses remain profitable, the ongoing hangover from Covid-19, with supply chain and staff recruitment issues, increased business costs, significant changes to shoppers’ habits, and online shopping pressure, is a sign of the time.

‘‘With both store leases up this July, we saw it as opportune to close that chapter and put renewed energy and...