The Cyclopedia of New Zealand published in 1905 talks about two brothers Hayward who were in the furnishing trade http://www.nzetc.org/tm/scholarly/tei-Cyc04Cycl-t1-body1-d2-d33.html but it records their premises as 103 George Street.
I think it unlikely that these two are not related so either they moved or they set up a second branch / factory. Given that 103 is practically the corner of Moray Place and very central for a shop and even today this premises is somewhat out of the retail part of town my money is on this being the factory and the shop was more downtown.
While you can see it is a hunting fishing shop now it was till only a few years ago still a furniture shop, although not Haywards but more recently Hunters.
In the 1950s, Hayward's North End Furniture Company (in this building) was operated by Charles (Charlie) Hayward, who was a Dunedin City Councillor.
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