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For the six months ended June 30, the Australian-listed company made a profit from operations of $568 million, up 2%. Statutory profits rose to $404 million, compared with $149 million a year earlier, as it recorded fewer adjustments to its property valuations.
Tenant mix updated
As part of its transformation to become more resilient to cost-of-living pressures, Westfield has enhanced its tenant mix to offer more “shoppable” retailers, such as entertainment venues, in-house dining attractions and lifestyle offerings.
In Bondi Junction, the company is replacing the David Jones dining area with a Virgin Active fitness club and a new Ripple rCX store. The company also plans to convert the former Fitness First gym on the sixth floor into a leisure and lifestyle area.
Artist's impression of the proposed Westfield Eastgardens redevelopment project.credit: Center Group
“We have pursued a strategy where our malls are not tied to retail sales from month to month and are not dependent on macroeconomic fluctuations,” Rossano said.
The best performing sectors in terms of sales growth were health and beauty, which rose 4.9 percent, leisure and sports, which gained 6.8 percent, and food retail, which saw sales rise 7.8 percent in the first half of June.
Reflecting the crunch in discretionary spending, department store sales growth fell 3.1%, while tenants in shoe, clothing and jewelry stores also suffered.
Sentry has $4 billion worth of retail projects planned, including the revamp of Westfield Eastgardens in Sydney’s eastern suburbs. During the period, the company began remodelling department store spaces in Bondi Junction and Westfield Burwood in Sydney, and Westfield Southland in Melbourne.
The group announced an interim dividend of 8.6 cents, to be paid on August 30.
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