Westfield is seeing consumers splurge on retail shopping.
👉 Background: Scentre Group is the owner of Westfield shopping centres in Australia and New Zealand after a split from the global Westfield company in 2014.
👉 What happened: 2020 and 2021 were not pretty for Scentre thanks to lockdowns and everyone petrified of the slightest sneeze. But Scentre is back in biz - retail sales increased by over 15% in the September quarter.
👉 What else: And now, Scentre is licking its lips for the Christmas period because it's the first festive season in three years where people won’t have restrictions.
💡While at first, the uptick in consumer spending was about revenge shopping (splurging after pandemic restrictions), now there are other things at play.
💡Consumers are supposedly cashed up following two years of stimulus and lockdowns, and travel is looking mighty expensive right now, so retailers are in a prime position to capitalise on the splurging..
💡Case in point: Westfield collected $1.92 billion in rent this year, an increase in $235 million compared to last year. Boom.
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