Scentre Group positioned to grow despite structural change in the retail environment.
Consistent with most listed Australian REITs, Scentre Group recorded weak sales for the year to end September. Comparable sales across the stabilised assets in the portfolio were up just 0.7%, with sales for the high-rent-paying specialty category up 0.9% and major tenant sales declining 1.0%. Mini-major tenancies trading in spaces over 400 square meters posted growth of 2.3%, but we suspect this is a double-edged sword, as much of the growth is attributable to low-rent-paying international appa...
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