The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
LESS THAN 2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE JOIN MORE THAN 550 ALREADY ATTENDING
JUST 2 WEEKS TO GO UNTIL URBANITY-25 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterMon 06 Nov 17

Food Retail Offsets Department Store Slump for Scentre

80137370_m

Scentre Group, the owner of Westfield in Australia, has seen total sales for the third quarter reach $23 billion, up 1.7 per cent, despite a fall in turnover from its department stores. 

Amid weaker consumer sentiment, the group's sales across its shopping centres were offset by higher spending on food and technology.

Comparable sales growth by tenants for the nine months to 30 September saw department store sales fall 6.7 per cent, cinemas down 8.2 per cent, and discount department stores fall by 0.6 per cent.

Technology and appliances up by 6.5 per cent, food retail was up 3.8 per cent and food dining increased 1.3 per cent.

Food retailing experiences are seen as more internet proof than other retail sectors with shopping centre landlords eager to alter their mix of tenancies to include more food and dining retailers.

[Related reading: Scentre Group Lifts Half-Year Net Profit to $1.4 Billion]Scentre commenced its $160 million redevelopment at Westfield Kotara and a $50 million redevelopment at Tea Tree Plaza, and opened the $80 million expansion at Westfield Whitford City of which its share is $40 million.

The company said customer visitation since opening of Chermside in June 2017 in Brisbane’s north was up 33 per cent.

Scentre’s portfolio was greater than 99.5 per cent leased with a gross lettable area of 3.6 million square metres.

Active developments, with anticipated completion over 2018, total $810 million (Scentre’s share) as it targets a development yield of greater than 7 per cent. The centres include Carousel, Coomera, Kotara, Plenty Valley and Tea Tree Plaza.

[Related reading: $470 Million Westfield Coomera to Open in 2018]Referring to softening retail sales and Scentre's competitors, analysts CLSA said, "The silver lining is that its retail sales are holding up far better than peers of Vicinity and Stockland, with food retail and customer visitations still positive."

RetailAustraliaSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
View All >
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
Residential

Fortis Plots Placemaking Project at Hamilton

Taryn Paris
Inglewood Beaufort Street rendering front HERO
Residential

Apartment Scheme Revealed for Perth Heritage Strip

Leon Della Bosca
The 27-apartment scheme at Beaufort Street, Inglewood, would replace a 1970s building that “lacks heritage value”…
LATEST
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Residential

Fortis Plots Placemaking Project at Hamilton

Taryn Paris
2 Min
Inglewood Beaufort Street rendering front HERO
Residential

Apartment Scheme Revealed for Perth Heritage Strip

Leon Della Bosca
3 Min
NSW Housing Pattern Book HERO.
Policy

Housing Pattern Book Supercharges NSW Planning

Vanessa Croll
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/scentre-westfield-sales-up