Scentre Group has reported strong trading figures across its Westfield portfolio, with customer visitation reaching 453 million in the 45 weeks leading up to November 9. This represents a 3.1 per cent increase compared to the same period last year, indicating a robust return to physical retail spaces. Scentre Group owns and operates a network of Westfield shopping centres in Australia and New Zealand, connecting businesses with customers through its platform. The company focuses on creating destinations where people want to spend their time.
Total annual business partner sales up to September 30 climbed to $29.5 billion, marking an increase of $760 million. Specialty sales also experienced growth, rising by 4.4 per cent in the September quarter. These figures underscore the continued strength of retail sales within Scentre Group’s properties, reflecting positive consumer spending trends.
The company’s portfolio occupancy rate remained high at 99.8 per cent, showing a 40 basis point increase on last year. Average specialty rent escalations were recorded at 4.4 per cent, alongside the completion of 2366 leasing deals. These deals delivered average specialty releasing spreads of 3 per cent, reflecting solid demand for retail space within Westfield centres. The Westfield membership program now exceeds 4.8 million members, up 600,000 from September 2023.
Following the release of these trading figures, shares in Scentre Group experienced a modest increase of 0.5 per cent in morning trade, indicating a positive market response to the company’s performance.
