Retail coalitions like Flybuys are in decline globally. They either get bought by the anchor (Sainsbury’s buys Nectar, Coles & Wesfarmers buy Flybuys Australia, Air Canada buys Aimia/Aeroplan) or they close (Amex/Plenti USA, Nectar Italy and Chile). Air Miles Canada is still going but new owner (since 2021) Loyalty Ventures is struggling and their share price has crashed. Flybuys in Australia is not immune as their own shareholders start to work against them (Wesfarmers with their new loyalty program OnePass) in exactly the same way Z and New World work against Flybuys New Zealand. With The Warehouse scaling up it’s own program in New Zealand (as Wesfarmers in Australia is doing with OnePass) and the regulator cutting bank income, Flybuys New Zealand has unique domestic pressures too.