If you use joomla 1.5, that translation is automatically done by joomla.
On joomla 1.6, the translation string doesn't exist.
You can add it in the hikashop translation file:
NEW="New"
For next release, we'll add a new translation string HIKA_NEW which will be used on both joomla 1.5 and 1.6 instead of NEW, like we did for other translations which are not anymore in joomla 1.6