Westfield says $12b in retail sales not ‘revenge spend’ | simonjohanson
Scentre Group, which owns and manages dozens of Westfield branded shopping centres, has upgraded its full-year guidance per security to 19 cents after experiencing a strong rebound in revenue, occupancy and rent collection.Scentre’s incoming chief executive, Elliott Rusanow, estimates the group’s malls, like those in Sydney’s Chatswood and Melbourne’s Doncaster, are in proximity to 20 million people in Australia and New Zealand, about 10 million of whom visit once a week.
Operating profit for the six months to June was up 17.5 per cent to $540.5 million, compared with the previous corresponding half-year, and about $12 billion in sales flowed through retailers at its 42 Westfield malls, half a billion more than it reported for the same period in 2019 before the pandemic.
“I don’t think it’s revenge spending because, if it was, it would have been all out there and then slowed down.”“We believe more evidence of a recovery in rents and superior funds from operations growth to most REITs, should drive a re-rating,” Pirenc said. When Scentre Group was first spun out of billionaire Frank Lowy’s Westfield empire eight years ago leaving it all the Australian assets, roughly 10 per cent of stores in its centres were experience-based, focused mainly around restaurants and casual dining.
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