One thing you can always bet on with Little Guns: there’s always action! In terms of MAT, MAT/m2 and Specialty MAT/m2, there’s a new Number 1 on every ranking!
Former MAT Number 1, Mandurah Forum comes out of the Little Gun rankings this year as it’s under redevelopment and on completion will undergo rebirth as a Big Gun. For the last decade or so it’s held that spot and now it’s time for Mandurah to ‘move on and upwards’. Little Guns MAT leader is now Scentre Group’s Westfield Helensvale at $380 million – what a star performer that has been over the last few years. Is it Big Gun strategy for that centre (it’s now Number 5 on the Specialty MAT/m2 ladder)?
It’s not that long ago – less than a decade or so – that the Little Gun ladder had very sparse representation amongst the industry leaders. Stockland was the first of the big players to recognise the potential of the Little Guns and they used to dominate the category. Many of their centres have now become Big Guns and, during that time, others entered the field. Today, the sector is the province of all the major players and the performance of these Little Guns over the last decade is testimony to the expertise, professionalism and the sheer strength of the Australian shopping centre industry. When Westfield went to the US and acquired American Malls, quite literally, they showed the industry there how to do it; the scenario is similar to that in Australia when we look at the major players moving into the Little Gun sector.
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