Scentre Group (ASX: SCG) released its first quarter operational update for the three months to 31 March 2019.
“Customer visitation continued to grow during this quarter underpinned by our strong focus on the customer experience.” said Peter Allen, CEO
Despite customer traffic growth, sales growth has been moderate with total specialty in-store sales were up 1.5% for the quarter and 1.7% for the year. With a 99.3% leased portfolio, the largest shopping centre group in the country outlook looks strong.
On a sales per square metre basis total stable portfolio in-store sales were up 1.1% for the quarter and 1.3% for the year. The major casualties for the quarter by category were departments stores -3.5% and cinemas -10.3%.
Westfield Newmarket Artist’s impression
After a vigorous 2018 pipeline this year Scentre Group remains focused on the $400 million (NZ) development of Westfield Newmarket in New Zealand.
We continue to enhance our extraordinary platform with our Westfield Newmarket redevelopment in Auckland on track to open in stages during the second half of this year.” said Allen.
Westfield Newmarket development is progressing well with staged openings commencing early Q3 2019. In the past weeks, the group opened the Bradley Street Dining precinct special project at Westfield Woden, bringing six new restaurants to the South of Canberra as part of a $21 million redevelopment.
The Group reconfirms forecast FFO growth for the 12 months ending 31 December 2019 of approximately 3%. The distribution for 2019 is forecast to be 22.60 cents per security, an increase of 2%.
Westfield Woden’s new dining precinct
