Scentre Group posts strong performance with higher Westfield foot traffic

Shopping mall operator Scentre Group has reported a 7.4 per cent increase in customer visitations to 410 million in the first nine months of 2023.

CEO Elliott Rusanow said the group’s strategy to attract more people to its Westfield malls has driven “strong operating performance” for the business.

Total business partner sales for the first nine months were AU$19.7 billion, up 7.3 per cent year over year. 

Demand for space in Westfield destinations remains high with portfolio occupancy increasing to 99.1 per cent as of September 30, up from last year’s 98.8 per cent.

Cash collections during the 10 months to October 31 were $2.229 billion, $100 million more than the prior comparable period in 2022.

“We have commenced the $50 million repurposing of department store space at Westfield Mt Gravatt to introduce Uniqlo, Harris Scarfe and a range of specialty stores. This will open throughout 2024,” added Rusanow.

Scentre Group expects funds from operations to grow 5.6 to 10.9 per cent for the second half and 3.4 to 5.9 per cent for the full year.

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